Biocon shares down over 3% as Q3 earnings disappoint

Shares of biotech firm Biocon today fell by over 3 per cent after the company reported 13 per cent dip in net profit for the October-December quarter.
Biocon's scrip went down by 3.16 per cent to settle at Rs 412.70 on the BSE. During the day, it lost 3.55 per cent to Rs 411.
On the NSE, it fell by 2.89 per cent to end at Rs 413.05.
Biocon had late last evening reported a 13 per cent dip in net profit for October-December quarter at Rs 91 crore and said it will sell 10-15 per cent stake in its research services arm Syngene.

The company had clocked Rs 105 crore net profit in the corresponding quarter of the last fiscal.
Revenues stood at Rs 779 crore, up 8 per cent over the corresponding quarter last fiscal.
While approving listing of Syngene through offer for sale route, Biocon Board has also gave approval to initiate the process of appointing merchant bankers. The company would offload 10-15 per cent stake from present holding of 85.54 per cent.