Sun Pharma, Dr Reddy’s and Cadila under pressure after Donald Trump’s press conference

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NEW DELHI: Shares of pharmaceutical companies were reeling under pressure in early trade on Thursday following criticism by Donald Trump. The President-elect in a conference on Wednesday said pharmaceutical companies are “getting away with murder” in overcharging and sending production capacity overseas.

Trump further emphasised on bringing back drug industries in the US. “We are the largest buyer of drugs in the world, and yet, we don’t bid properly,” he said.

Drug makers Natco Pharma, Dishman, Cadila Healthcare and Lyka Labs were down by 3.43 per cent, 2.72 per cent, 2.38 per cent and 2.06 per cent, respectively, in early trade.

Other pharma majors such as Dr Reddy’s Labs, Sun Pharma and Aurobindo Pharma were down by 2.01 per cent, 1.88 per cent and 1.67 per cent, respectively.

Sectorwise, the Healthcare index was the top loser on the BSE in early trade. The index was down 1.29 per cent at 14,928.54 around 9.35am (IST).

Trump further said that we were going to start bidding and were going to save billions of dollars over a period of time.

Benchmark BSE Sensex was trading 131.74 points, or 0.49 per cent, up at 27,272.15, while NSE Nifty was trading 34.25 points, or 0.43 per cent, up at 8,414.90.