Biocon shares tank 6 pc; mcap dips by Rs 1,227 cr

Shares of Biocon today fell by 6 per cent after the company said the European regulator EMA will re-inspect its drug product facility for biosimilars Trastuzumab and Pegfilgrastim.
The stock plunged 5.86 per cent to settle at Rs 328.80 on BSE. Intra-day, it slumped 8.14 per cent to Rs 320.80.
At NSE, shares of the company dipped 5.98 per cent to close at Rs 328.40.
The company's market valuation declined by Rs 1,227 crore to Rs 19,728 crore.
In terms of equity volume, 14.87 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

"While our drug substance facilities for Trastuzumab and Pegfilgrastim were approved, the European regulatory authorities had informed us of the need for a re-inspection of our drug product facility for these products," the bio- pharmaceutical firm said in a regulatory filing.
Biocon said it has requested for withdrawal of the dossiers for Trastuzumab and Pegfilgrastim as part of the European Medicines Agency's (EMA) procedural requirements linked to this re-inspection.
"We are on track to complete our corrective and preventive actions (CAPAs) by the end of this quarter and it is our intent to seek re-inspection and re-submission thereafter," a company spokesperson said.