The Nifty Pharma was among the top Nifty laggards on Wednesday, with the index falling 1.5% after U.S. President Donald Trump announced that the US would eventually raise tariffs on pharmaceutical imports to 250%.

Pharma stocks such as Sun Pharma, Cipla, Dr Reddy’s Laboratories, Lupin, and others will be in focus on Wednesday after US President Donald Trump said tariffs on imported pharmaceuticals could rise to as high as 250%.

The US government has long sought to shift pharmaceutical manufacturing back to domestic soil, citing both economic and national security concerns.