Drugmakers Weigh on Indian Stocks Amid U.S. Regulatory Concerns
- Divi’s, Dr Reddy’s drag on Nifty; Idea Cellular also down
- U.S. FDA issues import alerts for Divi’s Laboratories
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India’s benchmark index edged lower as drugmakers declined on concern U.S. Food and Drug Administration regulations would hurt the companies.
The S&P BSE Sensex dropped 0.1 percent at the close, while NSE Nifty 50 Index was down less than 0.1 percent, erasing an earlier gain of 0.2 percent. Divi’s Laboratories Ltd. fell 20 percent after saying the FDA issued import alerts on some of its products. Dr Reddy’s Laboratories Ltd. dropped 4.1 percent after the Bombay Stock Exchange sought clarifications on reports of repeated observations from the U.S. drug regulator.