Biocon shares fall 3% on poor Q1 show

NEW DELHI: Shares of Biocon fell over 2 per cent on Friday after the pharma company reported a 51.20 per cent decline in its consolidated net profit to Rs 81.3 crore for the quarter ended June 30, on account of weakening of the US Dollar and GST impact.

Following the development, the stock shed 2.24 per cent to end the session at Rs 390.15 on BSE. It opened at Rs 373.80 and touched an intraday high and low of Rs 393.80 and Rs 371.70 respectively.

Commenting on the results, Biocon Chairperson & MD Kiran Mazumdar-Shaw said: "Financial performance was muted largely due to a combination of factors: weakening of US Dollar, GST impact and inclusion of operational and fixed costs of Malaysia".

Additionally, the year-on-year comparison was impacted by the one-time adjustment in Q1 of FY17 related to IndAS migration, she added.

Promoters held 60.67 per cent stake in the company as of June 2017.

The scrip touched its fresh 52-week high of Rs 424.15 on July 19,2017 and its 52-week low of Rs 255.41 on August 12, 2016.