The Nifty has slipped further, dropping nearly 101.80 points and sliding below the 24,700 level. The Sensex also moved lower, shedding over 300 points. As anticipated, weakness was most visible in the pharmaceutical pack, with Sun Pharma, Dr. Reddy’s Laboratories, and Cipla featuring among the top laggards.
Here is a look at the top movers and shakers in trade today –
L&T stock price: Hyderabad Metro deal lifts shares over 3 per cent
The share price of Larsen & Toubro climbed more than 3 per cent to Rs 3,770.30 apiece on the NSE on September 26, making the infrastructure major the top gainer on the Nifty even as broader markets slipped.
The trigger came from Hyderabad, where the state government agreed in principle to acquire Phase I of the Hyderabad Metro Rail project from L&T. Under the reported arrangement, the state will assume project debt of around Rs 13,000 crore and pay an additional Rs 2,000 crore for L&T’s equity in L&T Metro Rail Hyderabad.
Waaree Energies: US probes mislabelling concerns
Waaree Energies share price tanked 6 per cent in early trade after reports revealed that US authorities had launched a formal probe into the company’s import practices. The investigation, confirmed by Reuters and Bloomberg, alleges that Waaree Energies and its US subsidiary bypassed tariffs by relabelling Chinese-made solar cells and panels as Indian-origin goods.
According to the report, the US Customs and Border Protection has imposed interim measures while examining whether Waaree deliberately evaded duties that Washington levies on Chinese solar equipment. The complaint, filed by the American Alliance for Solar Manufacturing Trade Committee, argues that Waaree disguised Chinese imports to avoid tariffs and gain market advantage.
Nifty Pharma: Index slips over 2 per cent in broad sell-off
The Nifty Pharma Index dropped more than 2 per cent in intraday trade.. All 20 constituents of the index traded in the red, reflecting a sector-wide rout.
The decline followed a policy shock from Washington. US President Donald Trump announced a 100 per cent tariff on branded pharmaceutical imports, sending immediate tremors across Dalal Street. Investors sold aggressively, anticipating long-term margin pressures on Indian drugmakers that depend heavily on exports.
The worst hit in early deals included Natco Pharma, Laurus Labs, Alembic Pharma, Sun Pharma, Gland Pharma, Ajanta Pharma, and Glenmark Pharmaceuticals, each slipping between 2–4 per cent. Divi’s Laboratories, Mankind Pharma, Abbott India, Granules India, and Lupin posted declines of more than 1 per cent.
Vodafone Idea: Hearing deferred again
The Supreme Court has pushed back its verdict on Vodafone Idea’s adjusted gross revenue (AGR) dues to October 6, granting the Centre’s request for more time. The decision, announced on September 26, triggered a fresh wave of selling with the Vodafone Idea share price, which extended losses to 5.99 per cent during trade.
The hearing was originally scheduled for September 19 but had already been deferred once to September 26. The Centre has maintained it does not oppose Vodafone Idea’s plea, but as the largest shareholder with a 49 per cent stake, it insisted that a resolution is needed to protect its own equity exposure. The Court, noting the prolonged uncertainty, stated that finality must be reached soon.
For Vodafone Idea, the delay prolongs its financial limbo. The AGR issue has haunted the company for years, and every adjournment pushes investors further into doubt about its survival strategy.