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Biocon hits three-month low on USFDA observation for Bengaluru facility

The stock hit three-month low of Rs 984 on BSE in intra-day trade

SI Reporter  |  Mumbai 


dipped 4% to Rs 1,004 on BSE after the company said it has received the (US FDA) observations on for its

The stock hit three-month low of Rs 984 on BSE in intra-day trade. It is trading at its lowest level since January 24, 2017. A combined 2.72 million shares changed hands on the counter on BSE and NSE till 02:08 pm.

"Observations on is a standard outcome of any audit. The company has already responded to US FDA on all observations of the recent audit within stipulated timelines," spokesperson said in the statement.

"As a policy we do not comment on any schedule or outcomes of regulatory inspections, unless we believe that there is a material impact. has a good track record of inspections by the USFDA, European regulators and other regulators from developed and emerging markets," the company added.

Meanwhile, since April 25, post January-March quarter (Q4FY17) results, the stock underperformed the market by falling 14% as compared with 0.76% rise in the S&P BSE

posted muted growth in Q4FY17 on the back of weak performance in small molecules and decline in Syngene sales. Total sales of the company during the quarter declined 2% year on year (Y-o-Y) at Rs 925 crore.

Q4 revenue reported a muted growth due to elongated approval timelines in some emerging markets, discontinuance of some in-licensed products and impact of the fire at Syngene, said in a press release.