Markets

Pfizer, P&G down on drug ban; overall weakness in pharma stock

Shares of Pfizer and Procter and Gamble (P&G) today fell by about 3 per cent amid concerns over ban on their popular drug products.

Stock prices of a number of pharma companies were also down, leading to overall decline of more than 3 per cent in the sectoral index.

Pfizer’s scrip went down by 3.15 per cent to close at Rs 1,705.30 on BSE, as the company has discontinued manufacture and sale of popular cough syrup Corex with immediate effect.

During the day, it had slipped 3.81 per cent to Rs 1,693.60, its 52-week low.

Shares of Pfizer had slumped 9 per cent in the previous session also.

>P&G’s scrip fell by 0.99 per cent to settle at Rs 6,067.85 as the company discontinued manufacture and sale of its popular brand ‘Vicks Action 500 Extra’ with immediate effect, after the government banned fixed dose combination drugs. Intra-day, the stock lost 2.49 per cent to Rs. 5,975.35.

The Delhi High Court yesterday granted interim stay of notification restraining sale of pharma major Pfizer’s cough syrup ‘Corex’ and directed the government not to take coercive steps against the company.

Reflecting overall weak sentiment for the sector, selling was also seen in other pharma stocks where Anuh Pharma tanked 9.84 per cent, Marksans Pharma dived 5.59 per cent, Nectar Lifesciences (5.40 per cent), Unichem Lab (5.08 per cent), Divis Lab (5.06 per cent), Dishman Pharma (4.76 per cent) and Jubilant Life Sciences (4.55 per cent).

Led by the sharp decline in these stocks, the BSE healthcare index slumped 3.01 per cent to end at 15,541.47.

In broader market, the BSE index, Sensex, was down over 253 points at 24,551.17.


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Printable version | Oct 20, 2021 4:25:30 AM | https://www.thehindu.com/business/markets/pfizer-pg-down-on-drug-ban-overall-weakness-in-pharma-stock/article8357174.ece

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