Pharma Stocks Crash To 52-Week lows

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    It was a disastrous day for pharma stocks, with India's largest pharma company Sun Pharma, seeing its share hit a new 52-week low of Rs 493. The country's second largest pharma company, Lupin Ltd also saw its shares being dumped and hit a new 52-week low of Rs 963 in trade on the NSE. Dr Reddys too followed the leaders and its share price also plunged to a 52-week low of Rs 2,278.

    Biocon shares were trading 5% lower today at Rs 354. Pharma shares have been reacting to a bad set of quarterly numbers. Lupin Ltd saw its net profits for the quarter plunge 59.40 per cent year-on-year (YoY) to Rs 358.06 crore for the June quarter. This was way lower than what analysts were expecting.

    Pharma Stocks Crash To 52-Week lows
    The results of most pharma companies have also been very poor. Biocon, another respected name in the pharma industry saw consolidated net profit fall 51 per cent year-on-year to Rs 81.3 crore against Rs 167 crore. Again, a weakish set of results that has pushed share prices lower of Biocon. On Friday, the stock crashed as much as 5 per cent in trade.

    Analysts have downgraded select stocks and do not see hopes of recovery in share proces anytime soon.

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    Read more about: pharma sun pharma lupin
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