 "Biocon hits 52-week low on FIIs selling")
Shares of Biocon is trading lower by 2% at Rs 406 on the National Stock Exchange after it said that the foreign institutional investors (FIIs) have reduced their stake in the company during October-December quarter.
The stock opened at Rs 414 and hit a low of Rs 402, also its 52-week low on NSE.
FIIs have reduces their stake in biotechnology company by over 200 bps to 10.62% in October-December 2014 quarter, lowest since June 2013 quarter, the shareholding pattern data shows. They held 13.05% stake in the company as on September 30, 2014 and had 14.03% stake at the end of June 2014 quarter.
The overseas investors have sold 4.86 million shares representing 2.43% stake of Biocon during the recently concluded quarter.
Meanwhile, domestic institutional investors (DIIs) led by insurance giant Life Insurance Corporation of India have increased their stake to 7.60% in October-December quarter. DIIs held 6.95% holding in July-September quarter and 6.03% stake at the end of June quarter, data shows.
Since June 2014, the stock has underperformed the market by falling 25% from Rs 531 as compared to 6% rise in the CNX Nifty.
The stock opened at Rs 414 and hit a low of Rs 402, also its 52-week low on NSE.
FIIs have reduces their stake in biotechnology company by over 200 bps to 10.62% in October-December 2014 quarter, lowest since June 2013 quarter, the shareholding pattern data shows. They held 13.05% stake in the company as on September 30, 2014 and had 14.03% stake at the end of June 2014 quarter.
The overseas investors have sold 4.86 million shares representing 2.43% stake of Biocon during the recently concluded quarter.
Meanwhile, domestic institutional investors (DIIs) led by insurance giant Life Insurance Corporation of India have increased their stake to 7.60% in October-December quarter. DIIs held 6.95% holding in July-September quarter and 6.03% stake at the end of June quarter, data shows.
Since June 2014, the stock has underperformed the market by falling 25% from Rs 531 as compared to 6% rise in the CNX Nifty.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%