Biocon hits three-month low on USFDA observation for Bengaluru facility

Biocon dipped 4% to Rs 1,004 on BSE after the company said it has received the US Food and Drug Administration (US FDA) observations on Form 483 for its Bengaluru facility.

The stock hit three-month low of Rs 984 on BSE in intra-day trade. It is trading at its lowest level since January 24, 2017. A combined 2.72 million shares changed hands on the counter on BSE and NSE till 02:08 pm.

"Observations on Form 483 is a standard outcome of any audit. The company has already responded to US FDA on all observations of the recent audit within stipulated timelines," Biocon