Biocon shares plunge 9% post Q3 results

The shares of Biocon Limited were down 9 per cent during the morning trade on Friday after the company posted 18 per cent lower profits at ₹169 crore for the third-quarter of FY 2020-21.

At 11:15 am, Biocon was trading at ₹401.75 on the BSE, down ₹40.20 or 9.10 per cent. It hit an intraday high of ₹424.00 and an intraday low of ₹399.45. Biocon opened at ₹424.00 as against previous close of ₹441.95.

On the NSE, it was trading at ₹401.70, down ₹40.25 or 9.11 per cent.

Biocon net profit down 18 per cent to ₹169 cr on Covid impact

Biocon Ltd on Thursday posted 18 per cent lower profits at ₹169 crore for the third-quarter of FY 2020-21 on a consolidated basis as against ₹206 crore posted last year despite good revenues from research services and biosimilars business.

However, the company’s revenue for Q3FY21 stood ₹ 1,879 crore, up 7 per cent as against ₹1,753 crore in the same period last year.