BIOCON tanks 7.2% after receiving USFDA approval to Fulphila

Myequity news service | Date : 05-06-2018 22:45:00 IST

BIOCON dropped 7.2% after receiving USFDA approval to Fulphila which was developed in partnership with Mylan. Fulphila - a biosimilar of pegfilgrastim is approved to reduce the duration of febrile neutropenia in patients treated with chemotherapy in certain types of cancer.

Stock opened at Rs. 695.00 (up 6%) today and erased all the opening gain in the day to close at Rs. 607.4 (down 7.2%). Shared reached 52-week high of Rs. 696.60 with in first minute of the trade and price started sliding down due to selling pressure. Total 1.74 crore shares changed hands which is 580% higher than the 5-day average trade volume in NSE. Total trade value of the shares exchanged in NSE is 1,098 crores.

Stock dropped nearly 12% intraday at 14:40 today and recovered some of the losses to close at 607.40.

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