Biocon shares dip over 2% after US FDA observations

By Aditya Bhagchandani Published on June 18, 2024, 13:06 IST

Shares of Biocon fell over 2% on June 18 after the US Food and Drug Administration (FDA) issued three observations for its Active Pharmaceutical Ingredients (API) facility in Visakhapatnam.

The US FDA completed its good manufacturing practices (GMP) inspection of Biocon’s API facility on June 14, 2024. “Three observations were cited at the end of the inspection, which we will be addressing within the stipulated time. Biocon stands committed to quality, safety, and efficacy of the products manufactured,” the company stated in an exchange filing.

As of 1:00 PM, Biocon shares were trading 2.09% lower at ₹327.80 on the NSE.

Biocon

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.