Hospital stocks Max Healthcare, Apollo Hospitals, Fortis plunge up to 7% - What is driving the stocks down?
Stocks, such as Max Healthcare Institute (down 7%), Apollo Hospitals Enterprise (down 6%), Yatharth Hospital (down 5%), Fortis Healthcare (down 6%), Artemis Medicare Services (down 5%), and Aster DM Quality Care (down 5%), crashed 5-7%.
Hospital stocks came under strong selling pressure on Wednesday morning, with counters falling up to 7% amid heavy volume.
Stocks, such as Max Healthcare Institute (down 7%), Apollo Hospitals Enterprise (down 6%), Yatharth Hospital (down 5%), Fortis Healthcare (down 6%), Artemis Medicare Services (down 5%), and Aster DM Quality Care (down 5%), crashed 5-7%.
Other players from the segment, such as HealthCare Global Enterprises (down 4%), Krishna Institute of Medical Sciences (KIMS) (down 4%), Medanta (down 4%), and Rainbow Children's Medicare (down 3%), also lost significantly.
Most hospital stocks are falling today due to profit booking after the US announced certain speciality medicines and their ingredients will be exempted from a new 100% tariff on patented drugs.
The exemption covers medicines used to treat rare diseases and several specialised therapies, including infertility treatments, cell and gene therapies and antibody-drug conjugates. The same zero-tariff treatment will apply to qualifying ingredients used in these products.
Experts say that the pharma and hospital segments are witnessing profit booking after their outperformance.
(This is a developing story. Please check back for fresh updates.)
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