Shares of biotechnology major Biocon Ltd slipped over 6% to ₹307.80 during Monday’s trade, following an announcement that the company’s board had approved raising up to ₹600 crore through the issuance of commercial papers on a private placement basis. The stock had previously closed at ₹327.80.
In a regulatory filing dated April 4, Biocon stated that the fundraising will be done in one or more tranches. The company said, “The Board of Directors at its meeting held on Friday, April 04, 2025, has approved issuance of Commercial Papers up to an amount not exceeding ₹600 Crores in one or more tranches on private placement basis.”
The market reacted sharply to the update, with investor sentiment appearing cautious amid concerns over increasing short-term liabilities and tightening liquidity in the biotech sector.
Pharmaceutical stocks witnessed heavy selling pressure in early trade on Monday, dragged down by broader market weakness amid rising global trade tensions. At 9:28 AM, benchmark indices Sensex and Nifty were trading sharply lower, with pharma counters following suit.
Top pharma losers: Biocon, IPCA, Glenmark, Divi’s, Dr Reddy’s in the red Biocon plunged 5.64% to ₹309.30 IPCA Labs fell 4.67% to ₹1,333.90 Glenmark slipped 3.56% to ₹1,446.40 Aurobindo Pharma down 3.46% at ₹1,067.15 Divi’s Labs dropped 3.32% to ₹5,300.55 GlaxoSmithKline Pharma declined 3.17% to ₹2,652.40 Dr Reddy’s Labs down 2.68% at ₹1,080.20 Zydus Lifesciences fell 2.32% to ₹846.80 Lupin slipped 2.41% to ₹1,923.50 Cipla down 2.35% at ₹1,382.05 Sun Pharma declined 2.37% to ₹1,668.90 Alkem Labs dropped 2.38% to ₹4,713.75 Abbott India fell 1.56% to ₹28,623.90 Mankind Pharma shed 0.55% at ₹2,437.60
At the time of reporting, Biocon’s market cap stood at ₹368.48 crore, with the stock trading in the range of ₹299.00 to ₹311.75 for the day.
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