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Shares of Biocon is trading lower by 2% at Rs 406 on the National Stock Exchange after it said that the foreign institutional investors (FIIs) have reduced their stake in the company during October-December quarter.
The stock opened at Rs 414 and hit a low of Rs 402, also its 52-week low on NSE.
FIIs have reduces their stake in biotechnology company by over 200 bps to 10.62% in October-December 2014 quarter, lowest since June 2013 quarter, the shareholding pattern data shows. They held 13.05% stake in the company as on September 30, 2014 and had 14.03% stake at the end of June 2014 quarter.
The overseas investors have sold 4.86 million shares representing 2.43% stake of Biocon during the recently concluded quarter.
Meanwhile, domestic institutional investors (DIIs) led by insurance giant Life Insurance Corporation of India have increased their stake to 7.60% in October-December quarter. DIIs held 6.95% holding in July-September quarter and 6.03% stake at the end of June quarter, data shows.
Since June 2014, the stock has underperformed the market by falling 25% from Rs 531 as compared to 6% rise in the CNX Nifty.
The stock opened at Rs 414 and hit a low of Rs 402, also its 52-week low on NSE.
FIIs have reduces their stake in biotechnology company by over 200 bps to 10.62% in October-December 2014 quarter, lowest since June 2013 quarter, the shareholding pattern data shows. They held 13.05% stake in the company as on September 30, 2014 and had 14.03% stake at the end of June 2014 quarter.
The overseas investors have sold 4.86 million shares representing 2.43% stake of Biocon during the recently concluded quarter.
Meanwhile, domestic institutional investors (DIIs) led by insurance giant Life Insurance Corporation of India have increased their stake to 7.60% in October-December quarter. DIIs held 6.95% holding in July-September quarter and 6.03% stake at the end of June quarter, data shows.
Since June 2014, the stock has underperformed the market by falling 25% from Rs 531 as compared to 6% rise in the CNX Nifty.
