Biocon shares fall as earnings disappoint

Reuters

Shares in Biocon Ltd slump more than 7 percent after June-quarter earnings disappoint some investors. Biocon's June-quarter consolidated net profit up 9 percent to 1.03 billion rupees ($17.14 million). On-going geo-political conflicts in MENA region, affected growth in the biopharma business, which de-grew by 3 percent year-on-year, Edelweiss Securities says in a note to clients. Shares down 7.6 percent to 478.50 rupees as of 2:46 p.m. (Reporting by Dipika Lalwani)