Biocon sheds 4%, hits 52-week low as US FDA issues form 483 for 3 sites

The US health regulator has issued Form 483s with 11 observations each for two sites in Bengaluru and six observations for a plant in Malaysia site.

Shares of Biocon hit a 52-week low of Rs 298.50 on slipping 3.6 per cent on the BSE in Thursday’s intra-day trade after US health regulator issued form 483s to the company with 11 observations each for its two sites in Bengaluru and six for a plant in Malaysia.

The stock was trading at its lowest level since April 2020. At 09:30 am; Biocon was quoting 2 per cent lower at Rs 303 vs a 1.2 per cent decline in the Sensex benchmark index. In the past three months, it has underperformed the market by falling 10 per cent as