Biocon slips after USFDA inspection at Malaysia facility

Biocon fell 2.68% to Rs 557 at 10:18 IST on BSE after the company said its manufacturing facility in Malaysia received a Form 483 with six observations from the US drug regulator.

The announcement was made before trading hours today, 21 February 2018.

Meanwhile, the S&P BSE Sensex was up 56.49 points, or 0.17% to 33,760.08.

On the BSE, 1.21 lakh shares were traded in the counter so far compared with average daily volumes of 3.46 lakh shares in the past one quarter. The stock had hit a high of Rs 570.60 and a low of Rs 553.15 so far during the day. The stock hit a record high of Rs 657.75 on 24 January 2018. The stock hit a 52-week low of Rs 294.71 on 25 May 2017.

 

The stock had outperformed the market over the past 30 days till 20 February 2018, falling 5.10% compared with 5.85% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 40.08% as against Sensex's 0.42% rise. The scrip had also outperformed the market in past one year, rising 51.65% as against Sensex's 17.18% rise.

The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.

The US Food and Drug Administration (USFDA) has completed a pre-approval inspection of the company's manufacturing facility in Malaysia and issued a Form 483 with 6 observations. As per the normal expectations of the agency, the company intends to respond with a corrective and preventive action plan in a timely manner.

Biocon's consolidated net profit fell 46.4% to Rs 91.90 crore on 2% growth in net sales to Rs 1057.90 crore in Q3 December 2017 over Q3 December 2016.

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

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