Shares in Sun Pharmaceutical Industries fell by more than 5 per cent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.
Asia's falling stocks have triggered an exodus of funds from the region.
A notice issued by the Indian Health Ministry at the weekend said that a government-appointed committee of experts had found that the banned combinations were "likely to involve risk to human beings, whereas safer alternatives to the said drug are available."
India's Supreme Court in April rejected a patent for Novartis AG's cancer drug Glivec, saying it was an amended version of a known molecule called imatinib, setting the precedent for more such cases in the country.
Wockhardt MD Murtaza Khorakiwala said his firm had responded to the FDA's observations but declined to give details.
Real estate will prosper, small developers won't.
Dinesh Thakur is famous for exposing Ranbaxy safety problems
Congruence on terrorism, current disquiet on immigration, short-term visa would top the wish list.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
Since 2013, the FDA has banned around 30 Indian drug manufacturing units for various violations
The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained 0.4% each
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According to sources, the company has identified smaller markets such as Peru, which do not contribute significantly to profits, where it might shut shop in the near term.
As part of the charm offensive, New Delhi has invited global regulators -- including the FDA -- to visit Indian production units to get first-hand evidence of measures taken to ensure the quality of locally manufactured generics.
The Sensex ended below 28,000 for the second straight day at 27,869.
Britain's AstraZeneca on Monday rejected a sweetened and "final" offer from Pfizer , casting serious doubt on the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group.
On Tuesday, Novartis agreed to buy GSK's oncology products business for $14.5 billion, while selling its vaccines business, excluding flu, to GSK for $7.1 billion.
US stocks rose more than 1% on Tuesday, with the S&P 500 coming less than 2% below its record peak set last month.
Shares of ING Vysya Bank and Kotak Mahindra Bank rallied by up to 6% on the BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.
A glance back at some of the important ups and down Indian Inc faced in 2018.
