Biocon falls 12% in 5 days on one major deficiency alert for API unit

The pharma company said it will respond to the European medical regulator with appropriate corrective and preventive actions within the stipulated time.

Shares of Biocon hit a fresh 52-week low of Rs 263.15, down 2 per cent on the BSE in Wednesday’s intra-day trade. In the past five trading sessions, the stock of pharmaceuticals company has declined 12 per cent after the company said that the European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major deficiency at its Bengaluru active pharmaceutical ingredient (API) plant.

“The European medical regulator conducted a good manufacturing practices (GMP) inspection of its API plant in Bengaluru from 12 September 2022 to 14 September 2022. Post inspection, a list of deficiencies was issued