Biocon share closes 11% lower post Q3 earnings

Share of biotechnology major Biocon fell over 12% today after the firm reported a 18.97 per cent fall in consolidated profit in Q3. Net profit fell to Rs 186.6 crore for the quarter ended December 31, 2020 on account of higher expenses. The company reported profit of Rs 230.3 crore in the corresponding period of the previous fiscal.

The stock lost 13% in the last 3 days. It opened with a loss of 4.06% at Rs 424 against previous close of  Rs 441.95. The share fell 12.66% to intraday low of Rs 386 on BSE.

Market cap of the firm fell to Rs 47,256 crore.

Later, the stock closed at Rs 393.80, down 10.89% or Rs 48.15. In one year, the share has risen 34.52%. However, it has lost 15.38% since the beginning of this year.

Biocon share trades lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The company's revenue from operations rose to Rs 1,851 crore in Q3, up 7.81 per cent against Rs 1,716.8 crore during the same period a year ago.

Expenses rose to Rs 1,642.6 crore for the December quarter, an increase of 14.52 per cent, as against Rs 1,434.3 crore in the year-ago period.

Meanwhile, tracking losses in index majors Reliance, HDFC twins and ICICI Bank, Sensex ended 746 points lower at 48,878 and Nifty closed 218 points lower at 14,371 today.

Share Market Highlights: Sensex ends 746 points lower, Nifty at 14,371; Asian Paints, SBI, HDFC top losers