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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