BSE Healthcare index of 27 major pharmaceutical companies plunged by 6 per cent or 234.88 points today to the level of 3702.98 from 3937.86 yesterday. The steep fall in the prices of all the scrip pushed down the index to the present level. According to analyst, the Indian markets are now exhibiting similar trend appearing in the other international markets. The correction is overdue and the volatile movements during the last few days weaken the sentiment further today.

Uncertainty and fear regarding market behavior created alround selling pressure. The fall of 826 points in BSE Sensex during the day has created history with substantial loss in sections like metals, capital goods, automobile, oil & gas and banks. Despite better fundamentals and strong domestic economic indicators, everybody was in selling mood and the news from other Asian markets further dampen the sentiment to its lowest. Rise in inflation and likely hike in interest rates in US further affected the sentiment, the analysts added.

Domestic giants like Ranbaxy, Cipla, Dr Reddy's Lab, Wockhardt, Lupin, Divi's Lab and Aurobindo suffered sever jolt. Despite strong financial news aided by bonus issue, Lupin share fell by Rs 131.55 to Rs 1105.80 from yesterday's close of Rs 1237.35. Divi's Lab scrip saw a highest declined among 27 scrips of Rs 233 in one day to Rs 1536.80.

Ranbaxy Lab and Dr Reddy's scrip could not get investors support despite launch of two new asthma drugs to the fast growing respiratory segment in India. Ranbaxy share declined by Rs 29 to Rs 460 from Rs 489.50. Similarly, Dr Reddy's Lab nosedived steeply by Rs 91 to Rs 1553. Cipla slipped to by Rs 14 to Rs 244.65 and Aurobindo by Rs 39 to Rs 631.55. Sun Pharma moved down Rs 26 to Rs 860.

The MNCs also could not maintain the previous price level and declined sharply. AstraZeneca came down heavily by Rs 135 to Rs 4348 and GSK scrip sufferd by Rs 117 at Rs 1198.30. Aventis Pharma, Merck, Novartis India, Pfizer and Wyeth also experience the hit of low sentiment.