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Market News

Pharma stocks under pressure: Cipla, Lupin among lead losers as NIFTY Pharma falls

Upstox
By Upstox News Desk

2 min read | Updated on May 14, 2024, 14:45 IST

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SUMMARY

Leading pharma shares dropped up to 3% on Tuesday mainly due to profit taking by investors. Cipla shares dropped 3.29% to hit a low of ₹1,368 per share on the NSE while Lupin dropped to a low of ₹1,630 per share, down by 3.4% from the previous close.

Stock list

CIPLA
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LUPIN
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GLENMARK
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AUROPHARMA
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GRANULES
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ABBOTINDIA
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Pharmaceutical major Cipla, headquartered in India, supplies medicines in various markets across the globe

Pharma stocks under pressure: Cipla, Lupin among lead losers as NIFTY Pharma drops

NIFTY Pharma index emerged as top loser among NSE sectoral indices on Tuesday, May 14, following losses in leading pharma stocks such as Lupin, Cipla and Glenmark Pharma.

NIFTY Pharma dropped as much as 0.75% to an intraday low of 18795.15 points due to losses in pharma shares led by Cipla and Lupin. However, gains in some pharma stocks like Mankind Pharma, Natco Pharma, Sun Pharma and Biocon restricted losses in the sectoral index. NIFTY Healthcare also declined 0.19%.

Investors book profit after recent gains

Leading pharma shares dropped up to 3% on Tuesday mainly due to profit taking by investors.

Cipla shares dropped 3.29% to hit a low of ₹1,368 per share on the NSE. The stock gained around 6% on Monday after the pharmaceutical major reported a strong 78% rise in net profit for the March quarter.

Its sales rose by over 7% to ₹6,083 crore in the March quarter of FY24 compared to ₹5666 crore during the previous quarter ended March 2023. Its EBITDA rose by 21.4% YoY to ₹1,316 crore in the March quarter.

Lupin shares also came under pressure after recent sharp gains. Lupin dropped to a low of ₹1,630 per share, down by 3.4% from the previous close. Lupin stock had gained around 5% on Monday.
Glenmark Pharma shares dropped 1.41% to touch a low of ₹1,013.25 on NSE.
Aurobindo Pharma Ltd also dropped 1.88% to ₹1,155.45 on Tuesday after recent gains.
Granules India, Zydus Pharma and Abbott India were among the losers, declining up to 1%.

FII selling, rising volatility hit market sentiment

Sustained selling by foreign investors has continued in May. FIIs have sold stocks worth ₹29,400 crore in the cash market this month. Profit taking in recent gainers has also emerged amid rising volatility amid ongoing Lok Sabha elections.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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