Indian pharma stocks drop 1% after Trump signs order to boost US drug manufacturing

Indian pharma stocks .NIPHARM down 1%

Sixteen stocks in 20-member Nifty Pharma index trade in the red

U.S. President Donald Trump signed executive order overnight aiming to reduce time taken to approve pharmaceutical plants in the country

Move meant to boost local drug manufacturing in U.S.

The policy initiatives, if implemented fully, may lead to increased compliance and operational cost for foreign manufacturers, including those in India, Nuvama analysts say

Cipla CIPL.NS, Aurobindo Pharma ARBN.NS and Ajanta Pharma AJPH.NS among top losers on index, falling 2%-3%

Heavyweights Sun Pharma SUN.NS, Dr. Reddys REDY.NS down ~1%

Most stocks on pharma index rated "hold" or "buy" - data compiled by LSEG

Pharma index has shed 8% so far this year vs benchmark Nifty 50's .NSEI 3% climb