India, July 23 -- Pharma stocks declined on Wednesday, with Aurobindo Pharma tumbling over 4 per cent, after US President Donald Trump announced steep tariffs on imported generic medicines from August 2028, asserting that the move was aimed at onshoring the manufacturing of such pharmaceutical products.

The move could affect India, which is the largest exporter of generic drugs to the US. Shares of Aurobindo Pharma tanked 4.13 per cent, Glenmark Pharma edged lower by 3.26 per cent, Biocon went down by 3.18 per cent, Cipla slipped 2.54 per cent, Sun Pharma dropped 1.91 per cent, Dr Reddys Lab declined 1.86 per cent and Torrent Pharma dipped 1.38 per cent on the BSE.

In a post on Truth Social, Trump said beginning August 1, the US will co...