Nifty Pharma dips to 7-mth low; bears may gain control if breaks 52-wk low

Barring Sun Pharmaceutical Industries, which is anticipated to rally up to 10 per cent; other stocks indicate weak bias, as per technical charts

Avdhut Bagkar Mumbai
A large drug firm has 12-15 therapy divisions, and if each launches a few drugs, the company brings to the market 30-50 brands a year.
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Biocon shares slipped to a new 52-week low on Tuesday

Nifty Pharm index broke a 7-month low, post two of its constituents disappoint specification of the US Food and Drug Administration (USFDA). Shares of Cipla plunged towards its 52-week low of Rs 883.75 after the drug regulator issued eight observations to its Pithampur-based manufacturing unit. 
In similar incident, Biocon failed to meet degradation specifications necessitating the recall 3,665 bottles of antifungal medication. On Tuesday, the share price slipped to its new 52-week low.
The broad trend in the Nifty Pharm index has been satisfactory since November last year.  The index trades close to 20 per cent lower from its all-time high of 14,938 reached last year. 

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Sun Pharma.Inds.

  • 1D
  • 5D
  • 1M
  • 3M
  • 6M
  • 5Y
  • MAX

First Published: Feb 21 2023 | 11:41 AM IST

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