Biocon shares sink more than 7%

Shares of biotechnology major Biocon fell sharply by over 7 per cent today as it posted muted earnings for April-June quarter.
Biocon's scrip ended the day at Rs 480.30, down 7.07 per cent from its previous close on the BSE. In intra-day trade, it lost 7.63 per cent to Rs 477.40.
At the NSE, shares of the company closed 7.40 per cent lower at Rs 479.55.
Biocon has reported 9 per cent increase in consolidated net profit to Rs 103 crore for the quarter ended June 30.
The company had posted a net profit of Rs 94 crore during the same period of previous fiscal.

The total revenue of the company rose to Rs 742 crore for the first quarter, from Rs 723 crore during the same period of the previous fiscal, Biocon Ltd said in a statement.
Biocon CMD Kiran Mazumdar-Shaw said: "Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets, especially in the Middle East.
"We are working towards diversifying our regional dependencies to diminish the impact of such externalities.