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The 30-share index sank 288.75. Mumbai: The benchmark BSE Sensex plunged by 288 points to crack below the 25,000-mark after three months while the NSE Nifty slipped below the 7,600 mark in afternoon trade on sustained foreign fund outflows and selling by domestic investors.82 with all the sectoral indices led by realty, banking and capital goods trading in negative terrain with losses of up to 2.50 points or 1.. Sentiment was dampened on offloading of positions by cautious participants ahead of the key economic data, industrial production numbers for October, due later on December 11.44 per cent.82. Besides, a weak trend in global markets as investors prepared for the outcome of next week's Fed policy meet which Gauge for fire extinguisher probably will hike interest rates for the first time in a decade accelerated selling activity here.Stocks in the banking space such as ICICI Bank, Axis Bank, SBI and HDFC Bank were under selling pressure and were trading lower by up to 3.14 per cent to 24,963.Moreover, investors grew increasingly worried over a possible delay in the passage of the key GST bill amid weak global cues.27 points in the previous session to snap six-session losing streak.25 per cent at 7,586.50 points or 1.On similar lines, the NSE Nifty slipped below 7,600-mark by losing 96.The 30-share index sank 288.69 per cent, dragging down the key indicex from their key levels. The barometer gauge had gained 216.55 points or 1.14 per cent to 24,963

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The key sensitivity to Icras view remains productivity of R&D expenditure, increasing competition in the US generics space and operational risk related to increased level of due diligence by regulatory agencies," said Gaurav Jain, Vice President and Co-Head, Corporate Ratings of Icra.The pace of ANDA approvals has increased by 44 per cent over the CY2015-18 period and the pace of official action post USFDA audit has also increased during the 8 months of CY2019 with 11 warning letters compared to seven in CY2018. Rating agency Icra expects R&D budgets to remain at 7- 8 per cent in FY20.8 per cent during FY18 and further to 7. With majority control of the supply chain, these consortiums have been bringing down prices of generic drugs.9 per cent in Q1FY20.Between FY11 and FY17, several Indian pharma companies have been ramping up their R&D spend, targeting the US market. R&D spends moderated to 8..This trend reversal is led by challenging US market conditions characterized by steep pricing pressures, high competitive intensity led by faster ANDA approvals and lower than expected revenue growth.However, lower R&D spends has lowered the pressure on margins to some extent. The aggregate R&D spends of top few domestic companies further moderated to 6.9 per cent of sales in FY2011 to close Bourdon Tube Pressure Gauges Factory to 9 per cent in FY2017. Fitch finds that lower R&D expenditure as a percentage of sales limited deterioration in Glenmarks Ebitda margin amid continued pricing pressure for generic dermatology products in the US.Chennai: Research and development (R&D) spends of Indian pharma companies have been coming down since FY17 and are expected to remain low in FY20 as well due to challenging market conditions in the US.Consolidation of the distribution supply chain and the increasing number of abbreviated new drug application (ANDA) approvals given by US Food and Drug Administration (FDA) has been increasing the pricing pressure on generics sold in the US market, which accounts for 35 per cent of Indias pharma exports.8 per cent in FY19. Further, US FDA has been granting approvals for more number of ANDAs and more number of ANDAs mean more players competing for the same drug in the market, putting further pressure on the pricing.In this competitive environment, Indian companies are exiting product development of easy to manufacture, simple generics and focusing on complex generics, specialty products and niche molecules. According to Fitch Ratings, a prudent risk management approach to R&D should help maintain financial flexibility, especially for smaller companies.Around 90 per cent of the generic pharma drug purchases are now controlled by three large buying consortiums.However, the trend started reversing thereafter. They are also optimising their R&D spend due to the pricing pressure. The aggregate R&D spends of top few domestic companies had increased from 5

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