Biocon slips after USFDA observations

Biocon fell 4.05% to Rs 1004.60 at 14:33 IST on BSE after US drug regulator issued form 483 with 8 observations to the company's Bengaluru facility.

Meanwhile, the S&P BSE Sensex was up 273.51 points, or 0.91% to 30,206.76.

On the BSE, 2.04 lakh shares were traded in the counter so far, compared with average daily volumes of 64,781 shares in the past one quarter. The stock had hit a high of Rs 1,037.05 and a low of Rs 984.25 so far during the day. The stock hit a 52-week high of Rs 1,188 on 25 April 2017. The stock hit a 52-week low of Rs 610.40 on 10 May 2016.

The stock had underperformed the market over the past one month till 9 May 2017, falling 5.17% compared with 1.21% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 4.07% as against Sensex's 5.81% rise.

The large-cap bio-pharmaceutical company has equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon said observations on form 483 is a standard outcome of any audit. The company has already responded to US Food and Drug Administration (USFDA) on all observations of the recent audit within stipulated timelines. As a policy, the company does not comment on any schedule or outcomes of regulatory inspections, unless it believes that there is a material impact. Biocon has a good track record of inspections by the USFDA, European regulators and other regulators from developed and emerging markets, the company added.

On a consolidated basis, net profit of Biocon declined 61.71% to Rs 127.50 crore on 1.53% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

Powered by Capital Market - Live News