Rs 1,800 Crore market cap gone in five minutes - Biocon has 2.3% equity change hands in a block deal

Shares of Biocon ended 8.8 percent lower on Friday, with majority of the fall coming in the last five minutes of the trading session.

The stock fell after 2.76 crore shares of the company or 2.3 percent of the total equity exchanged hands in a block deal, which took place at 3:25 PM.

The transaction was valued at Rs 574.78 crore. Shares exchanged hands at an average price of Rs 200.9 apiece.

Buyers and sellers in the transaction are not immediately known.

In an interaction with CNBC-TV18 earlier in the day, Biocon Executive Chairperson Kiran Mazumdar-Shaw said that Biocon as a stock is not well analysed and understood.

"And, I for one, believe that our stock is not well analysed and understood. Investors need to dive deeper into what we're doing. Our recent spin-off, the novel spin-off that we have in Boston, Bicara Therapeutics was oversubscribed. I think we have a uniquely differentiated business in India and I hope that investors recognise that," she said.

Biocon has been in the news this quarter for divesting 10 percent stake in Syngene worth nearly Rs 2,250 crore to finance the Viatris deal.

"As far as Syngene is concerned, we unlocked value at a time when we needed it. I think we don't have any plans to unlock it further. As far as, Biocon Biologics is concerned, we are looking at raising some equity to offset some of the debt, but it's not going to significantly impact Biocon’s holding in Biocon Biologics," Kiran Mazumdar Shaw said during the interview.

Today's drop was Biocon's biggest in a single trading session since January 2021.

Shares of Biocon ended 8.8 percent lower at Rs 202.30 after hitting a new 52-week low of Rs 200.