Healthcare shares languish despite Rs 16,534 cr Budget allocation
Shares of pharmaceutical companies continued to languish along with the rest of the market even as Finance Minister Chidambaram proposed an allocation of Rs 16,534 crore for the healthcare sector in the Union Budget for FY 08-09.
Chidambaram also announced health cover of Rs 30,000 for every worker in the below-poverty line category. However, it failed to lift sentiment for the healthcare sector.
The BSE Healthcare Index was down 0.93 per cent down. Dr Reddy’s Laboratories (down 0.95%), Glenmark Pharma (2.67%), Sun Pharmaceuticals (2.7%), Lupin (1.76%) led declines.
Ranbaxy Laboratories (up 0.48%), Apollo Hospitals (up 1.13%), Biocon (1.87%) and Dishman Pharma (1.09%) were the biggest gainers in the sector.
Meanwhile, the Sensex was 17,678.30, down 146.18 points or 0.82 per cent from the previous close. The Nifty was lower by 1 per cent at 5232.
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