Not surprisingly, Biocon is the top loser on the BSE since the opening bell. The stock lost 5.5% to slip down to Rs.600.32. Its 52-week high and low stands at Rs.657.75 and Rs.294.71 respectively.

The company posted very disappointing results for Q3FY18. The growth in revenue itself was very tepid at 2% (YoY), coming in at Rs.1057 crore. Operating profit slipped 20% to Rs.221 crore while fall in margins was sharper at 20.89% v/s 26.61%. Consequently, net profit for the quarter showed a 46% fall at Rs.92 crore.

The company stated that the margins fell due to lower licensing income, compounded by fixed and operating costs related to Malaysia operations.

Its interest and depreciation costs at the Malaysian insulin facility rose 40% while licensing income from biologics unit dropped by a huge 85% to Rs.12 crore from Rs.79 crore (YoY).

Sale of API business fell 9% due to pricing pressures and channel consolidation in USA.