Biocon sheds early gains, settles 1 pc lower

Shares of Biocon Ltd on Tuesday shed early gains and settled 1 per cent lower after gaining nearly 5 per cent in early trade.

The stock closed 1.01 per cent lower at Rs 283.05 on the BSE. During early market hours, the stock went up 4.80 per cent to Rs 299.70.

On the NSE, the scrip closed 0.58 per cent lower at Rs 284.15. It gained as much as 4.61 per cent to touch a high of Rs 299 in early trade.

Over 1 crore shares of Bicon were traded on the NSE during the day, while the BSE witnessed an exchange of 7.88 lakh shares.

Biocon and drug firm Mylan NV on Monday announced the launch of biosimilar Ogivri, used for treatment of certain breast and gastric cancers, in the US market.

"We aspire to serve 5 million patients through our biosimilars portfolio and cross a revenue milestone of USD 1 billion by FY22," Biocon Biologics CEO Christiane Hamacher said.