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