Nifty Healthcare Slips 1% as US Tariff Fears Drag Pharma Stocks Lower

The index fell around 1% to 13,790 in intraday trade, weighed down by tariff concerns after the US revealed plans for up to 100% duties on patented pharmaceutical products. PPL Pharma, IPCA Labs, Syngene International, Divis Labs, and Max Healthcare dropped up to 3% each.

Generic drugs got a carve-out. That offered some breathing room to Aurobindo Pharma, Dr. Reddy’s Laboratories, Cipla, and Lupin, though Elara Capital cautioned that a one-year review clause keeps medium-term policy risk alive for the generics segment.

Sun Pharma faces steeper exposure. Nomura flagged that most of the company’s specialty products are made outside the US, in Europe and South Korea, putting it at higher tariff risk than peers. The firm estimated a roughly 5% hit to FY28 earnings if Sun Pharma absorbs costs rather than raising prices.

It’s now down 9% from its February 2026 peak of 15,149. The index has also broken below its 100-week moving average of 14,104 for the second time this year.

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