Shares of diagnostics companies led by Vijaya Diagnostics Ltd. and Dr. Lal Path Labs Ltd. buzzed in early trade on Monday as concerns mounted over the HMPV outbreak in China and reports of the first two cases being detected in India.
Vijaya Diagnostics and Dr. Lal Path Labs shares gained as much as 2.9% each, while Metropolis Healthcare Ltd. and Thyrocare Technologies Ltd. jumped 1.8%.
Suraksha Diagnostics Ltd. fell 2.5% and Krsnaa Diagnostics dropped 1.7%.
Indian Council of Medical Research has detected two cases of Human Metapneumovirus (HMPV) in Karnataka through routine surveillance. It said the surveillance system is robust and there is no unusual surge in influenza-like illness, or severe acute respiratory infection cases in the country.
In response to growing concerns, the Union Health Ministry assured the public that India is well-prepared to handle respiratory illnesses. It also requested updates from the World Health Organization regarding the situation in China, where multiple respiratory viruses have recently spiked.
Dr Jacob John, virologist and professor at CMC Vellore, told NDTV Profit that HMPV is far from a cause for panic and reassured the public there was no need for heightened alarm.
Meanwhile, Indian equity benchmarks saw big declines. The Nifty 50 and BSE Sensex were trading 1.2% lower at noon.
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