Shares worth over Rs 300 crore (Rs 3 billion) changed hands at the Biocon counter on Tuesday. Mauritius-based AOF HS Mauritius sold 4.85 per cent or 4.85 million shares at an average Rs 605 per share.
The FII sold these shares in two tranches -- 20 lakh shares at Rs 608.5 and 2.85 million shares at Rs 605.70 per share.
These were bought by other Mauritius-based funds including Goldman Sachs, Emerging Markets MGT.LLC-A/C EMSAF Mauritius and HSBC Equity Fund, and HSBC India Opportunity Fund.
Since the deal was struck way below Monday's closing price of Rs 694, the stock was down a staggering 11.77 per cent to close at Rs 622.40.
The counter was extremely volatile with the stock hitting an intra day high of Rs 739.40 and a low of Rs 605 before closing at Rs 622.40. Over 9.3 million shares were traded at the counter at the BSE alone.
Market analysts said, after a sharp surge in the last three trading sessions -- with the stock appreciating almost 120 per cent to Rs 694 as against the issue price of Rs 315 -- there was bound to be profit-booking at higher levels. The stock after listing on April 7 at Rs 400 gained 73.6 per cent to Monday's close of Rs 694.75.
While Goldman Sachs Invst Mauritius I Ltd, Short Term, bought 34,66,560 shares at Rs 605, Emerging Markets MGT.LLC-A/C EMSAF Mauritius bought 750,000 shares at Rs 605. HSBC Equity Fund and HSBC India Opportunities Fund bought 300,000 and 150,000 shares, respectively.
Biocon is India's largest biotech company with a presence in bio-pharmaceuticals, enzymes, customs research and clinical research.
Biocon along with its subsidiaries is a completely integrated unit with capabilities from cell culture to drug discovery. Biocon has registered a strong financial performance over the past three years.
