The Pfizer scrip which opened at Rs 1,140, moved downward to touch an intra-day low of Rs 1081, before recovering to close at Rs 1,100 on the Bombay Stock Exchange. The counter registered volumes of Rs 1,64,411. Tuesday's close is Rs 75 lower than that of the previous day at Rs 1175.

Tuesday's movement, marketmen say, is indicative of significantly contrasting viewpoints on the future of the Indian affiliate, Pfizer Ltd. While optimists saw the fall as a good buying opportunity, pessimists sold the stock as they felt Pfizer Ltd would definitely be hit by the parent company's plans.

Some analysts also sat on the fence and said that Pfizer could have done without a wholly-owned subsidiary but added that it mayeven benefit the Indian arm. "It is a negative development, per se and Pfizer minority shareholders would have been better off without a 100 per cent arm. But, we do not see it negatively impacting growth or profitability at Pfizer Ltd for the next decade," an analyst with a leading Indian brokerage firm said.

As per IMS data, Pfizer Ltd is the second fastest growing pharma company in India, with volume growth of 18 per cent. This is despite the fact that currently, Pfizer India markets only around 25 products from the American multinational's basket of over 350 drugs. Pfizer's proposed 100 per cent subsidiary would be primarily engaged in three areas - exploring opportunities for sourcing and procurement of raw materials, bulk drugs and formulations from India, expansion of clinical research activity and manufacturing of new molecules. It will also be a service provider to other global Pfizer affiliates. Industry analysts are mainly concerned about the possibility of new research molecules being brought inthrough the 100 per cent arm as also routing of sourcing activities via the new company. "These are certainly grey areas and whether or not there would be any conflict of interest would be clear once the wholly-owned subsidiary is operational," another analyst added.