Nifty Pharma index hits 2-year low; Cipla, Divis, Laurus Labs at 52-wk lows

Analysts said the pace of US FDA inspections has again picked-up in the last few months post Covid, and they have seen increased incidents with 483 observations and adverse outcomes

Shares of pharmaceutical companies came under selling pressure on Tuesday with Nifty Pharma index hitting nearly two-year low of 11,542 on the National Stock Exchange (NSE) in the intra-day trade on growth concerns. The pharma index was trading at its lowest level since March 19, 2021.

Cipla, Divis Laboratories, Biocon, Eris Lifescience, Ipca Laboratories, Laurus Labs, Pfizer, Wockhardt, and Jubilant Pharmova hit their respective 52-week lows on the bourses. In the past one month, these stocks have decline up to 15 per cent, as compared to 5 per cent decline in Nifty 50.

Among individual stocks, Cipla hit