Biocon shares slip post USFDA issuing Form 483

Biotechnology industry major, Biocon, slipped 6.90% to Rs 349.40 per share at 0939 hours on the BSE after USFDA issued a Form 483 with 10 observations for the company’s Bengaluru plant.
 
The stock on the NSE attracted a total traded volume of 36,14,963 shares and a traded value of Rs 12,670.81 lakh. The stock has had return on equity of 12.02% for the last three years. The company’s dividend payout stands at 12.05% for the last three years. The stock on a yearly basis has given 28.07% returns and also outperformed the BSE Mid-Cap index and BSE Healthcare index.
 
A Form 483 is used by the FDA to document and communicate concerns discovered during inspection. A recipient of Form 483 should respond to the FDA, addressing each item, indicating agreement and either providing a timeline for correction or requesting clarification of what the FDA requires. This response must be submitted within 15 business days regardless of the number of observations.