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MUMBAI: Shares of diagnostic services provider slipped on Tuesday amid a continued decline in India's covid-19 cases.

The Metropolis Healthcare stock was down 4%, while Dr Lal Pathlabs and Thyrocare Technologies fell nearly 2% each.

Hospital stocks also slipped after Prime Minister Narendra Modi on Monday said the Centre will provide free covid-19 vaccines to all adults from 21 June, in a revision of the government’s much-touted strategy of ‘liberalized and accelerated" vaccination.

The central government will now buy 75% of vaccines and give them free of cost to states, Modi said.

Shares of Max Healthcare, Shalby, and Fortis declined 1-3%. These stocks have risen 22-75% since the beginning of the year, with gains led by improved growth and earnings prospects. India had been battling a vicious second of the pandemic which had overwhelmed the country's healthcare infrastructures, medicines, oxygen, testing kits, and hospital beds running out.

Off late, however, India has reported a decline in daily fresh cases, with less than 1 lakh infections reported on Monday and daily positivity rate falling to 4.6%.

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