1.5% of broken biocon shares despite the market rally

The stock of major pharmaceutical company Biocon is showing a weakness of 1.5% today.

Indeed, US drug regulator USFDA has released 6 comments in Form 483 for Biocon’s Bengaluru plant. USFD has given these comments after the pre-approval inspection of the company’s insulin drugmaking plant. The American drug regulator inspected the Biocon plant from February 25 to March 5. However, according to Biocon, the company is confident to address these shortcomings in a rapid way. 

Explain that the company receiving the comments from USFDA has to reply in writing in 15 days with corrective and preventive action plan.

On the other hand, the share of Biocon in BSE is open at Rs 609.80, down from Rs 625.45 in the previous closing price. At around 11 pm, it is running at Rs 615.90 with a weakness of Rs 9.55 or 1.53%. At this level the company’s market capitalization is Rs 36,882.00 crore. At the same time, its last 52-week peak is Rs 718.35 and the low level is 543.80 rupees. 

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