Biocon share price plummeted by 8.8% on Friday following a bulk deal in which 2.76 crore shares, representing 2.3% of the company’s total equity, were sold for Rs 574.78 crore at an average price of Rs 200.9 apiece.
The identity of the buyers in the transaction is not yet known. This sharp drop, which saw shares of Biocon hitting a new 52-week low of Rs 200, was the largest in a single trading session since January 2021.
However, in February, Biocon’s subsidiary Biocon Biologics had announced a major investment of Rs 1,070 crore from the Kotak Special Situations Fund.
The company plans to use these funds to finance its acquisition of the biosimilars business of its partner Viatris in order to create a global vertically integrated biosimilars player.
Biocon has been in the news this quarter for divesting 10 percent stake in Syngene worth nearly Rs 2,250 crore to finance the Viatris deal.
Despite reporting a net loss of Rs 42 crore for the quarter ended December 2022, Biocon remains optimistic about the future, with its Executive Chairperson, Kiran Mazumdar-Shaw, highlighting the growth potential of the biosimilars business in Q3 financial report.
Today’s drop was Biocon’s biggest in a single trading session since January 2021.
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