Shares of Biocon slipped more than 4% in the morning trade after the biotech major reported nearly 16% decline in consolidated net profit for the third quarter of this fiscal. The stock slightly recovered later and closed at Rs 266.10, down 3.3% on the Bombay Stock Exchange (BSE) on Wednesday.
Biocon reported a 15.8% decline in its consolidated net profit at Rs 84.9 crore for the quarter ended December.
On a standalone basis, the company posted a net profit of Rs 64.7 crore for the quarter ended December 31 as compared to Rs 211.6 crore in the year ago period.
Total income of the company decreased from Rs 515.9 crore for the quarter ended December 31, 2010 to Rs 396.3 crore for the quarter ended December 31, 2011.