Pharmaceutical firm Wockhardt on Wednesday reported narrowing of its consolidated net loss to Rs 44.98 crore for the quarter ended June 30, 2019.

Experts said markets overcame global jitters due to US-China trade war and turned their focus on the Lok Sabha election 2019.

Some of the generic companies, it points out, made unsolicited bids to customers of bigger players in cases where drug prices were high as a way to compete with a bigger generic player to grab a bigger share in the market. Interestingly, this exercise seems to have elements of attempts at trying to drive down prices to gain customers.

In separate clarifications to stock exchanges, the companies denied the accusations and stated they would defend themselves in the matter

Severe penalties could be levied on the Indian pharma companies varying from $13 million to $873 million; Glenmark could face the highest penalty, while Aurobindo the least.

The ongoing trade war between the US and China had triggered the recent correction in the market

The lawsuit accuses Teva Pharmaceuticals USA Inc of orchestrating a sweeping scheme with 19 other companies to inflate drug prices, by more than 1,000% in some cases

Markets Live: While Sensex is trading 263 points higher at 37,354, Nifty is up 83 points to 11,231.70. Sun Pharma, Vedanta and ICICI Bank were the top gainers on Sensex. Tata Steel, Bajaj Auto and Asian Paints were the top losers on Sensex.

Sun Pharma shares dived 9.39 per cent to close at Rs 396.85 on the BSE

Markets Live: Sensex closes 372 points or 0.99 per cent lower at 37,090 and Nifty ended at 11,148 down 130.70 points or 1.16 per cent.

In as many as 666 cases, pharma companies are yet to disgorge excess profits accrued by overcharging customers under the Drug Prices Control Orders. The DoP has now made a one-time settlement offer on their total outstanding dues, provided they collectively cough up Rs 3,501 crore and drop their lawsuits

Share Market Updates: Overall 22 stocks out of 30 stocks closed in the red on Sensex and 30 out of 50 stocks closed in the red on NIFTY 50.

Share Market updates: While the Sensex rallied 339 points to 39,012 in early trade, the Nifty climbed 85 points to 11,673.