Biocon shares tank over 11 pc after quarterly results

Biocon Ltd on Friday dived over 11 per cent after the firm reported an 18.97 per cent fall in consolidated profit at Rs 186.6 crore for the quarter ended December.

On BSE, shares of the biotechnology major settled at Rs 393.8 apiece, slumping 10.89 per cent. It also touched lower circuit limit of Rs 397.8 during the day.

A similar trend was observed on NSE, where the scrip tanked 11.05 per cent to Rs 393.1 and touched an intra-day low of Rs 376.3.

The company had posted a profit of Rs 230.3 crore for the corresponding period of the previous fiscal.

The company's revenue from operations rose to Rs 1,851 crore for the quarter under consideration, up 7.81 per cent, as against Rs 1,716.8 crore during the same period a year ago, Biocon said in a late night regulatory filing on Thursday.

Expenses rose to Rs 1,642.6 crore for the December quarter, an increase of 14.52 per cent, as against Rs 1,434.3 crore in the year-ago period.