Biocon share price fell in early trade today after the firm said US Food and Drug Administration (FDA) issued a form 483 with two observations after inspection at its API manufacturing facility in Bengaluru. Share price of Biocon lost up to 2.07% to Rs 292.50 against previous close of Rs 298.70 on BSE.

However, the stock managed to recover all losses and ended 0.17% higher at Rs 299.20. The large cap stock has lost 5.38% in last four days. It has fallen 3.19% during the last one year and gained 1.5% since the beginning of this year.

Total 1.44 lakh shares changed hands amounting to turnover of Rs 4.28 crore. The stock hit its 52-week low of Rs 211.30 on August 20, 2019 and 52-week high of Rs 323.30 on February 24, 2020.

Market capitalisation of the firm fell to Rs 35,000 crore on BSE.

The firm in a communication to bourses said, "US Food and Drug Administration (FDA) conducted a post-approval and GMP inspection of our small molecules API manufacturing facility at 20th KM, Biocon Campus, Bengaluru, between Feb 20 and Feb 26, 2020."

"At the conclusion of the inspection the agency issued a Form 483, with two observations, which are procedural in nature. We are confident of addressing these observations expeditiously and will respond to the FDA with a Corrective and Preventive Action Plan (CAPA) in a timely manner. We remain committed to global standards of Quality and Compliance," the pharma firm added.

By Aseem Thapliyal