Indian pharma shares extend losses on US tariffs; brokerages see limited impact

Glenmark Pharmaceuticals

06/04/2026 05:58

** Indian pharmaceutical stocks .NIPHARM down ~1.4%, extending fall for fifth straight session; all 20 constituents in the red

** U.S. President Donald Trump signed executive order on Thursday imposing 100% tariffs on ​branded pharmaceuticals imported into the U.S.

** U.S. is India's largest market for pharmaceutical exports, accounting for over a third of the total volume, mostly of cheaper generic drugs

** J.P. Morgan estimates the impact on Indian generic makers to be limited, citing exemptions and preferential tariff rates tied to trade‑deal regions

** Contract development and manufacturing organisation risks are also seen contained, as tariff costs are typically borne by clients, J.P. Morgan says

** Brokerage sees the order "largely benign" for Indian pharma; names Torrent TORP.NS, Sun Pharma SUN.NS, Lupin LUPN.NS and Mankind Pharma MNKI.NS as its top picks

** Jefferies says among pharma names only Sun Pharma's specialty segment could be impacted by the tariffs; the impact can be completely mitigated using transfer pricing or price hikes

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))