Biocon rises and slips

Biocon is a tad wild today. It opened in the positive at Rs.265.80 and even rose to an intraday high at Rs.272.55, rising almost 3,5%. But at that level, profit booking seems to have kicked in and the stock price tumbled down to Rs.256.95, wiping out all gains made today, falling over 2.5% over yesterday’s close.

The news which came in is actually good from Biocon. The company announced today morning that it has received Establishment Inspection Report (EIR) from the US Food and Drug Administration for its biologics drug product facility in Bengaluru, stating the inspection is closed.

Biocon had undergone the surveillance (routine) cGMP inspection of this drug product facility in Bengaluru from August 22 to August 30, 2019. At that time, it had received a total of eight observations.