Biocon plunges over 5% as US FDA issued 8 observations

Biocon stocks witnessed a substantial plunge on the bourses as the investor sentiment shook following the US Food and Drugs Association's issuance of observations at the company's Bengaluru unit. The drug regulator issued eight observations to the company's unit, post its inspection between March 27 and April 7, 2017.

The observation included disparity between the submitted information and the manufacturing process performed, inadequate handling of in-process samples, lack of quality supervision, inadequate microbial control in drug solutions, insufficient assurance of incorporating apt production and testing in documents, inadequate bioburden sampling among others.

On May 10, 2017, the stock opened at Rs 1000 from its previous close of Rs 1047, soon in early trade, the stock plunged to Rs 982.65 at 09:15 hrs IST on the BSE. At 11:25 hrs IST, Biocon was quoting at Rs 1,017.15, down Rs 29.85, or 2.95 percent on the BSE. It touched an intraday high of Rs 1,037.05 and an intraday low of Rs 984.25 on the BSE.