Cipla, Lupin, Glenmark other pharma stocks stuck in narrow range after NPPA revises price of 25 drug formulations
Pharma stocks were a mixed bag on Tuesday, as Sun Pharma, Lupin, Biocon, Aurobindo Pharma, Pfizer, Granules and Glaxosmith succumbed to selling pressure, and Cipla, Natco Pharma, Glenmark, Dr Reddy, Abbott India and Ipca Labs managed to eke out gains. Drug pricing regulator NPPA fixed retail prices of 25 formulations.
Most pharma stocks are trading at deep discounts against the historical five-year average forward multiples. | Image: Pixabay