Biocon hits 52-wk high as Malaysian unit gets 3 observations from US FDA

Shares of Biocon hit a 52-week high of Rs 323, up 3 per cent, on the BSE on Monday in the intra-day trade after the company said it has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia. The company believes observations are procedural in nature.

The stock of India’s biggest biotechnology company was trading higher for the third straight day, and has surpassed it's previous high of Rs 321 touched on February 15, 2019 in the intra-day trade. It hit an all-time high of Rs 359 on September 26, 2018.

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