Biocon shares rose as much as 3 percent on Wednesday after a large block deal involving around 1 percent of the biotechnology company’s equity. Investors also tracked management commentary that its biosimilars business could soon reach $1 billion in revenue.
The Biocon stock was up 1.2 percent at Rs 397 in late-morning trade, after gaining as much as 3 percent intraday. The shares have risen around 2.3 percent so far in 2026, outperforming the Nifty 50, which has fallen around 10 percent over the same period. Biocon’s market capitalisation stood at around Rs 64,650 crore.
The gains came despite weakness in the broader market. At 11:38 am, the Sensex was down 525.66 points, or 0.70 percent, at 75,051.92, while the Nifty 50 fell 119.05 points, or 0.50 percent, to 23,516.05.
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As many as 1.65 crore shares of Biocon, representing around 1 percent of the company’s equity, changed hands in a block deal on the BSE earlier in the session. The shares were traded at Rs 385 apiece, taking the transaction value to more than Rs 635 crore. The block deal price was at a discount of around 1.9 percent to the previous closing price.