 "Pharma shares under pressure; Nifty Pharma index down 3%")
Shares of pharmaceutical companies were under pressure, falling by up to 7% after the government notified a ban on about 300 fixed dose combination drugs.
Lupin, Divis Laboratories, Aurobindo Pharma, Anuh Pharma, Jubilant Life Sciences, Dishman Pharmaceuticals & Chemicals, Natco Pharma, Marksans Pharma, RPG Life Science and Pfizer were down 3%-7% on BSE.
At 01:55 PM, the S&P BSE Healthcare index was down 2.5% or 411 points at 15,613 as compared to 0.92% decline in the S&P BSE Sensex. Nifty Pharma index too down 3% or 344 points at 11,376 as compared to 1% decline in Nifty 50 index.
Lupin plunged 7% to Rs 1,744 on the NSE after the drug maker said that the USFDA inspected the company’s Goa facility last week and cited 9 observations.
The observations are on aspects such as inadequacy and adherence to SOPs,” Lupin said in a statement.
We are in the midst of putting together a response to address the USFDA’s observations, it added.
Pfizer was trading lower by nearly 3% at Rs 1,708, extending its previous day’s 9% fall on the NSE, after the company on Monday said it has discontinued the manufacture and sale of popular cough syrup Corex with immediate effect.
Pfizer has discontinued the manufacture and sale of Corex cough syrup with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+ Codeine Syrup.
"The above prohibition is likely to have an adverse impact on the revenue and profitability of the company. Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015," the company had said.
Lupin, Divis Laboratories, Aurobindo Pharma, Anuh Pharma, Jubilant Life Sciences, Dishman Pharmaceuticals & Chemicals, Natco Pharma, Marksans Pharma, RPG Life Science and Pfizer were down 3%-7% on BSE.
At 01:55 PM, the S&P BSE Healthcare index was down 2.5% or 411 points at 15,613 as compared to 0.92% decline in the S&P BSE Sensex. Nifty Pharma index too down 3% or 344 points at 11,376 as compared to 1% decline in Nifty 50 index.
Lupin plunged 7% to Rs 1,744 on the NSE after the drug maker said that the USFDA inspected the company’s Goa facility last week and cited 9 observations.
The observations are on aspects such as inadequacy and adherence to SOPs,” Lupin said in a statement.
We are in the midst of putting together a response to address the USFDA’s observations, it added.
Pfizer was trading lower by nearly 3% at Rs 1,708, extending its previous day’s 9% fall on the NSE, after the company on Monday said it has discontinued the manufacture and sale of popular cough syrup Corex with immediate effect.
Pfizer has discontinued the manufacture and sale of Corex cough syrup with immediate effect after the government banned fixed dose combination of Chlopheniramine Maleate+ Codeine Syrup.
"The above prohibition is likely to have an adverse impact on the revenue and profitability of the company. Corex recorded sale of Rs 176 crore for the nine month period ended December 31, 2015," the company had said.
