healthcare spending and demand for Covid tests led to multifold share-price gains for pathology firms globally during the pandemic.
Those gains have started to fade as outbreaks ease and countries look to reopen, while concerns over higher interest rates have sparked a flight from risky investments including biotech.
The tumble in Indian lab stocks has accelerated since the start of the year after disappointing results. The nation’s longest-listed pathology company Thyrocare Technologies Ltd.
posted lower revenue for the December quarter, hurt by reduced need for Covid-related tests, while larger peers Metropolis Healthcare Ltd.