Overview

• The Sensex fell about 413 points to 80,747 and the Nifty dropped 115 to 24,776, wiping roughly ₹3 lakh crore from BSE market capitalization, with pharma, IT and healthcare indices under pressure.
• Selling hit major drugmakers, with Strides down about 6%, Natco 5%, Sun Pharma 3.8%, Lupin nearly 3%, Biocon 4%, Gland Pharma 3.7%, Divi’s 3% and Zydus about 2%, while broader pharma shares opened lower across the board.
• Reports say the U.S. tariff targets branded pharmaceuticals from October 1, 2025, with exemptions for companies that manufacture in the United States.
• Analysts flagged uncertainty on whether complex generics or specialty drugs will be covered, noting sentiment damage even if some generics are spared, and they highlighted limited U.S. manufacturing for many Indian firms.
• Exposure checks underscored risk concentration, with Aurobindo deriving 89% of sales from exports and 49% from the U.S., Sun’s U.S. sales only about 10% U.S.-made, and Aurobindo operating three U.S. plants; outside pharma, Religare and Axis issued Buy calls on M&M Financial and Minda, and GRM Overseas gained over 2% after opening a new Gurugram office.