Sensex retreated from its six-month high on Tuesday after plunging 253.11 points on sell-off in pharma stocks, while global cues also remained muted ahead of the Federal Reserve’s rate-setting meeting.
Healthcare index fell sharply by 3.01 per cent as lupin dropped 7.59 per cent after company received nine observations relating to inadequacy and adherence to operating norms for its manufacturing plant in Goa from the USFDA.
Another pharma stock Pfizer continued to remain under pressure and fell by 3.15 per cent to Rs 1,705.30 amid concerns over the ban on their popular drug products.
Globally, European shares dropped following weak Asian markets after the Bank of Japan painted a bleaker picture of the country’s economy.