Mumbai, July 22 -- Shares of Indian pharmaceutical companies came under selling pressure in opening trade on Wednesday after US President Donald Trump announced a phased tariff plan on imported generic medicines, with the Nifty Pharma index falling nearly 2 per cent.

Sun Pharmaceutical Industries, Cipla, Dr Reddy's Laboratories, Lupin and Aurobindo Pharma were among the major losers, declining by up to around 2-2.5 per cent in early trade as investors reacted to the proposed tariffs.

The market reaction followed Trump's announcement that imported generic medicines would remain tariff-free for two years, after which tariffs would rise to 100 per cent for one year and 200 per cent thereafter as part of efforts to encourage pharmaceutical ...