Biocon share price fell nearly 3% in early trade today after USFDA issued five observations after conducting an inspection of the Bengaluru facility. Share price of Biocon lost up to 2.82% to Rs 286.15 compared to the previous close of Rs 294.45 on BSE. However, the stock saw some value buying and was trading 0.31% higher at Rs 295.35 in afternoon trade.
Share price of Biocon has lost 11% in the last one year. The company in a communication to bourses said USFDA conducted a preapproval and GMP inspection of the API manufacturing facility of Biocon Ltd. The inspection was held between January 20 to January 24.
After the inspection process, USFDA issued a form 483 with five observations, the Kiran Majumdar Shaw-led firm said.
The company also said it was confident of addressing these observations expeditiously.
The biotechnology firm reported a 6.62 per cent fall in consolidated net profit at Rs 202.8 crore for the quarter ended December 31, 2019 on account of higher expenses. The company had posted a net profit of Rs 217.2 crore for the corresponding period of the previous fiscal.
However, the company's revenue from operations rose to Rs 1,748.1 crore for the quarter under consideration as against Rs 1,540.8 crore during the same period a year ago. Expenses rose to Rs 1,465.6 crore for December quarter as against Rs 1,295.4 crore in the year-ago period.