Lupin, Glenmark Pharma Slump; EM Currency Rout Hurts

Pharmaceutical stocks slumped on Wednesday as currencies in emerging markets continued to fall.

Glenmark Pharmaceutical fell 6 per cent, Aurobindo Pharma slumped 6.8 per cent and Lupin loses 5.3 per cent.

Ranbaxy Laboratories was down 4 per cent, Cipla lost 3.6 per cent, Sun Pharmaceutical Industries while was trading 3.4 per cent lower. Dr. Reddy's Laboratories also dropped 2.2 per cent.

Currency crisis in the emerging markets could result in earnings downgrades, analysts said.

Higher export realisation due to rupee depreciation may get cancelled due to forex hedges and slowdown in other markets.

Copyright: Thomson Reuters 2014