Indian pharmaceutical shares came under heavy selling pressure on Friday, September 26, after U.S. President Donald Trump announced a 100% tariff on branded and patented pharmaceutical drugs starting October 1, 2025. The move sparked concerns over India’s $8.7 billion pharma exports to the U.S., its largest market, and weighed on several major stocks.
Gland Pharma shares slipped 4.03% to ₹1,892.50, marking one of the steepest falls in the sector. Investors reacted sharply given the company’s U.S. exposure in injectables and specialty drugs, which could face uncertainty under the new tariff regime.
Wockhardt Ltd plunged nearly 5% to ₹1,403.30, as concerns mounted over its exports to the U.S. The company later clarified that the tariffs would have no significant impact on its business, but sentiment remained weak.
Marksans Pharma dropped 3.60% to ₹163.30, pressured by its heavy U.S. presence through subsidiary Time-Cap Labs. The company’s U.S. strategy centers on generic prescription and OTC products, making it sensitive to tariff-related developments.
Biocon Ltd slipped 3.44% to ₹343.70. Recently, Biocon expanded its U.S. footprint with a New Jersey facility to support generics and biosimilars, but the announcement added fresh uncertainty to its American growth plans.
Sun Pharma fell 2.61% to ₹1,585.00. As India’s largest drugmaker with significant U.S. revenue contribution, the stock saw selling pressure in line with broader pharma peers.
Dr. Reddy’s Laboratories lost 2.09% to ₹1,248.10. The company earns a major portion of its revenues from the U.S., especially in complex generics, and the tariffs have raised fresh concerns on margins.
Zydus Lifesciences declined 2.26% to ₹996.20, slipping nearly 3% in morning trade. The stock has been volatile in recent weeks, and U.S. tariff risks added to the selling pressure.
Aurobindo Pharma edged lower by 1.50% to ₹1,080.50. The stock’s fall was relatively contained compared to peers, though it too carries a significant U.S. export exposure.
Glenmark Pharmaceuticals shed 2.33% to ₹1,983.40, extending weakness across the pharma basket. The company has been building its U.S. generics and specialty drug presence, which remains under the spotlight after the tariff announcement.
The tariff announcement has rattled the Indian pharma sector, with uncertainty on whether complex generics and biosimilars could also fall under scrutiny. Analysts said any extended weakness would depend on clarifications from the U.S. administration and company-specific disclosures.
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