After opening in the red on news of Fed tapering, Indian share markets continued to slip deeper in the red in the post-noon trading session. All the sectoral indices are trading in the red with realty, metal and banking stocks being the biggest losers.
As per a leading financial daily, Securities Exchange Board of India (SBI) is considering a proposal to make it mandatory for all listed Indian companies to have a succession plan. The implementation of the proposal is to ensure that the investing community is not adversely impacted by the demise, exit or poor performance of the leader at the helm of affairs of the company. Reportedly, most Indian companies do not have a formal succession plan for appointment to board or senior management positions.
Most of the Indian pharma stocks are trading in the red with Dishman Pharma and J B Chemicals leading the pack of losers. Aurobindo Pharma and Lupin are among the few stocks trading in the green. As per a leading business daily, medicines manufactured by Ranbaxy Laboratories have been cleared by the UK drug regulator. This comes in the backdrop of the US Food and Drug Administration (USFDA) earlier banning medicines manufactured at the company's Toansa plant in Punjab. The Medicines and Healthcare Products Regulatory Agency (MHRA) has said that there is no evidence that medicines in UK are defective and so people should continue to take their medicines accordingly. MHRA has also said that it is working with the other international regulatory partners as well as the regulator of European Union to determine the implications of USFDA findings for UK. The USFDA had found several shortcomings in its latest inspection of the Taonsa plant such as presence of flies in sample preparation and broken storage cabinets as well as no proper control to prevent unauthorized access to data files and folders. Ranbaxy's stock is trading down 2.9%.