In my humble opinion, its a kind of technical consolidation. People exiting / re positioning after making a descent buck.
WRT earnings…there arent any signs of signifigant pricing presurres that I came across in any management commentary. Nor were the earnings COVID induced…thats for sure.
I think most companies ( specially the export oriented ) should resume their upward march in some time. On domestic focussed MNCs, I guess there are concerns about their ability to sustain premium pricing / brands as more heavy weights join in the E- Pharmacy space. Here too, I believe that branded / premium products don’t go out of fashion in a hurry.
I reserve the right to be wrong.
Disc: holding - Cipla, Alembic, Dr Reddy, Sun, Abbott, Ajanta, Divis, Laurus, Granules, Syngene, Natco