Pharma sees investors cheering bonds, while stocks decline

Sun Pharma stock, the highest-valued Indian entity, dropped 13% to Rs 550

Pharmaceutical companies have disappointed equity investors on the stock markets in a year that is seeing benchmark indices making new records.

On Friday, the Sensex, benchmark index of the BSE, closed at 32,309, a 21.3 per cent gain so far this calendar year. On the other hand, Sun Pharmaceutical, highest valued Indian entity in the sector, has dropped by 13 per cent to Rs 550 a share on the exchange this year. Similarly, the stock of Glenmark Pharmaceuticals is down by 19 per cent to Rs 717, IPCA Laboratories is down by nine per cent to Rs 484 and Torrent