Panic selling! BSE Healthcare index tanks 297 points

Institutional as well as retail investors were in a state of fear after Chinese stocks closed in on a bear market scenario, which fuelled heavy panic selling across sectors in domestic stock markets. Pharma and healthcare stocks also witnessed heavy profit booking. The BSE Healthcare Index closed at 15,651.12 points, lower by 297.10 points or 1.86%. The index is 305.46 points higher than its all-time historic low of 15,345.66 points hit on June 12, 2015.
The index opened higher at 16021.61 points as against its previous close of 15,948.22 points. The index hit a high and a low of 16,051.42 and 15,638.16 points respectively.
The sectoral breadth remained negative with 61 stocks declined and just 2 stocks advanced. On BSE, total trading turnover in the shares of Healthcare index stood at Rs. 351.89 crore, which is higher than the previous session’s trading turnover of Rs. 261.55 crore.
Shares of Wockhardt Ltd closed the day 15.98% lower at Rs. 1,288.40 on BSE after the US drug regulator issued Form 483 to the company for its manufacturing plant located at Shendra. Also, nearly 62,555 bottles of Azithromycin manufactured by the company in India have been recalled in the US by PD-Rx Pharmaceuticals Inc. The scrip opened lower at Rs. 1,515 as against its previous close of Rs. 1,515.40. It hit a high and a low of Rs. 1,520 and Rs. 1,257.10 respectively. Total 9.74 lk shares changed hands on BSE.
Shares of Cadila Healthcare ended the session 2.31% lower at Rs. 308.10 on BSE despite the Foreign Investment Promotion Board (FIPB) gave the company a green signal to raise Rs. 5,000 crore via QIP route. The scrip opened higher at Rs. 321.15 as against its previous close of Rs. 315.40. It hit a high and a low of Rs. 321.50 and Rs. 307 respectively. Total 2.55 lk shares have changed hands on BSE.
Shares of Marksans Pharma hit a 20% lower circuit today. The stock closed 19.96% lower at Rs. 62.35 despite the UK drug regulator, UK MHRA issued certain observation to the company’s manufacturing facility in Goa. The scrip opened higher at Rs. 79.80 as against its previous close of Rs. 77.90. It hit a high and a low of Rs. 80.40 and Rs. 62.35 respectively. Total 62.97 shares changed hands on BSE.
Celestial Bio settled the day 4.69% lower at Rs. 33.55 despite the company yesterday announced that it has decided to introduce manufacturing and marketing of 21 life saving drugs in Allopathic range. The stock opened higher at Rs. 36.70 as against its previous close of Rs. 35.20. It hit a high and a low of Rs. 38.60 and Rs. 33.10 respectively. Total 2.04 lk shares changed hands on BSE.
Ironically, shares of Dr. Reddy’s Laboratories rose 0.74% to 2,936.70 on BSE amid highly volatile session. The scrip opened higher at Rs. 2,916 as against its previous close of Rs. 2,915.20. It hit a high and a low of Rs. 2,961.05 and Rs. 2,916 respectively. Total 40,000 shares changed hands on BSE.