Pfizer stock slumps 9% following ban on Corex cough syrup

Pharmaceutical major Pfizer and Abott have discontinued the sale and manufacture of their popular cough syrups like Corex and Phensedyl, respectively, following a new order by the Government to ban their use. According to reports, Health Ministry has banned about 344 fixed-dose combination drugs, including cough syrups compositions, saying they involve "risk" to humans and safer alternatives were available.  Following a ban on Corex, the stock prices of Pfizer slumped by 9%.

According to Pfizer’s BSE filing:

Late Monday evening, Corex was also trending on Twitter and there was a lot of conversation happening on social media about the latest ban.

Yes, in Punj& now in U.P, Maha, Corex clones, advertised freely. Regulator asleep, may be high on "cough" syrup too https://t.co/pNEvlRWLcn

— Shekhar Gupta (@ShekharGupta) March 14, 2016

Pfizer stops sale of cough syrup #Corex after #GovernmentBanhttps://t.co/0dOamzDKSj

— Dibang(@dibang) March 14, 2016

Luckily i have got 2 bottles of #Corex that is banned right decision to ban too coz in states like delhi&punjab youngsters r doing wrng use

— Kartikmalhotra (@kartik_sm91896) March 14, 2016