Glenmark and Lupin: Are pharma stocks a good contrarian bet?

Glenmark Pharma is continuously going down from Rs 600 levels and is not showing any sign of recovery.

Thus far in the calendar year 2019 (CY19), most pharma stocks have underperformed the market by falling up to 59 per cent. Barring Divi's Laboratories (up 16 per cent) and Dr. Reddys Laboratories (up over 3 per cent), all the other scrips in Nifty Pharma index have been under pressure.

Glenmark Pharmaceuticals have slipped the most - 59 per cent while Piramal Enterprises and Aurobindo Pharma come second and third on the list of declines. In comparision, the Nifty Pharma index has slipped nearly 16 per cent while the Nifty50 index has gained over 5.54 per cent. 

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