On Thursday night, the US announced a 100% tariff on the drug industry. President Trump shared this information on Twitter. Its direct impact has been seen on the Indian market. Today the stock market saw a huge decline. Major companies including comprehensive business companies have been affected in the US. The Sensex is trading 412.67 points to 80,747.01 and the Nifty is trading 115 points to 24,776.
Impact on five pharmaceutical companies
Five major Indian pharmaceutical companies have suffered losses after the announcement of 100% tariff. These include Aurobindo Pharma, Lupine, Sun Pharma, DRL and Biocon.
Cipla’s shares also declined by 2 percent.
Lupine shares also fell 3% to close at ₹ 1918.60.
Sun Pharma shares fell 3.8% to ₹ 1580.
Streak Pharma Sciences shares declined by 6%.
Netco Pharma shares fell 5%, Biocon shares 4%, Glennforma’s shares 3.7%, Devilib’s shares 3%, IPC labs shares 2.5%and Zidas Life Sciences shares fell 2%. Shares of Mankind Pharma also fell 3.30%.
Sun Pharma is the most damaged
Indian pharmaceutical company Sun Pharma has suffered the most after Trump’s announcement of 100% pharma tariff. The company has a large business in the US, especially in the export of generic and complex drugs. The new tariff has led to a fall of about 3.8% in the shares of Sun Pharma, which will directly affect the earnings of investors and the company. If these tariffs remain in force, the company’s exports may decrease by 20-30%.
