In line with global market clues, the Bombay Stock Exchange Healthcare (BSEHC) index of 54 companies declined sharply by 1245.58 points or 6.8 per cent today and closed at 17194.87points. The index opened lower toady at 18031.67 points as against its previous closing of 18440.45 points on account of global meltdown. BSE Sensex of 30 companies also declined sharply by..1624.51points and closed at 25741.56 points as against its previous day's close of 27366.07.

Adverse news regarding economic condition of China put pressure on investors sentiment. However, Rajiv Mehrishi, Finance Secretary said that government will take necessary steps to restore confidence in markets.

Major pharma shares declined between 4 per cent to 21 per cent today. Pharmaceutical majors like Wockhardt, Natco Pharma, Divi's Laboratories and Sanofi India lost over Rs.200 today. Even multinational companies like GlaxoSmithKline (GSK), Novartis, Pfizer, Sanofi India etc., lost heavily. Wockhardt share of Rs.5 each declined by Rs.351.55 to Rs.1301.75 from Rs.1653.30 and Natco Pharma share of Rs.10 each declined by Rs.277.70 to Rs.2033.30. Divi's Laboratories lost by Rs.214.14 and closed at Rs.2229.45 on BSE.

Similarly, Dr Reddy's Laboratories declined by Rs.196 to Rs.4045.50 and Ajanta Pharma by Rs.186.20 to Rs.4045.50. GSK moved down by Rs.166.20 to Rs.3410.35 and Torrent Pharma by 157.10 to Rs.1487.25. Despite strong growth in topline and bottomline the shares were hammered by investors. Sin Pharma, Jubilant Life Sciences Marksans Pharma and Granules were not lost heavily like other scrips.

Major Asian indices like Nikke and Hang Seng also declined sharply and lost heavily on account of adverse economic conditions in China. The devaluation of Yuan by Chinese authorities in the last week heavily impacted the sentiment.