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Indian IT, Pharma Stocks Fall Ahead Of Trump Swearing-in


Indian IT and Pharma stocks fell ahead of the swearing-in of Donald Trump as the next President of the United States.


Shares in Infosys were down one per cent, MindTree was down 3 per cent, while TCS, Wipro and Tech Mahindra all lost ground. From the pharma space Divis Labs was down 2 per cent, while stocks like Lupin, Aurobindo, Dr Reddy's, Cadilla Health and Sun Pharma were all trading lower.

Indian IT, Pharma Stocks Fall Ahead Of Trump Swearing-in
Recently, U.S. President-elect Donald Trump said that pharmaceutical companies were "getting away with murder" in what they charge the government for medicines, and promised that would change. Several Indian companies like Sun Pharma, Dr Reddy's, Wockhardt etc., get bulk of their revenues exporting to the US.

On the other hand IT stocks have been hit, as Trump is a known advocate of protecting American jobs. Recently, there was a proposed bill to hike the minimum wage for foreign workers in the US who hold H1B visa from $60,000 to $100,000. This is likely to affect many large Indian IT companies, if the Bill sails through.

Read more about: donald trump
Story first published: Friday, January 20, 2017, 11:02 [IST]
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