Biocon slips 4% despite arm denying bribery charges

At 10:26 AM, the stock of Biocon was down 3 per cent at Rs 316.10, as compared to 1 per cent decline in the S&P BSE Sensex

Shares of Biocon were down 4 per cent to Rs 312.55 on the BSE in Wednesday’s intra-day trade despite Biocon Biologics denying allegations of bribery against the company and its officials associated with the approval process of one of its products in India. Biocon Biologics, a subsidiary of Biocon, is a unique, fully integrated global biosimilars organization.

"We strongly condemn any acts of corruption and violation of rules by way of offering or paying bribes or undue favours, either directly or indirectly. We adopt global best practices in corporate governance and business responsibility," Biocon Biologics said in a statement.