Biocon Ltd shares jumped sharply on Tuesday following a huge block deal worth Rs. 3,676, triggering strong buying in the biotechnology stock. Nearly 9.19 crore shares changed hands, representing a 5.64% stake at around Rs. 400 per share, marking Mylan's complete exit from Biocon.
The stock opened higher at Rs. 427.35, up around 4% from the previous close and later surged as high as 5.61% to Rs. 434 apiece. At about 11:50 am, Biocon shares were trading at Rs. 441, up 7.43%, even as the Nifty 50 slipped 0.45%.
As of June 2026, Mylan held a 5.64% stake in Biocon. The stake was acquired after Biocon completed the transaction involving Biocon Biologics and Mylan, which included both cash consideration and a share swap. The stake came after Biocon completed the acquisition of Biocon Biologics' stake in Mylan, which included both cash consideration and a share swap.
Mylan had planned to sell its entire stake in Biocon through a block deal. The reported floor price was Rs. 378.5, an 8% discount from Monday's close.
Investors seemed to have seen the stake sale as liquidating a notable supply overhang. Volatile events like a big sell-off from large shareholders can pressure stocks as investors anticipate additional selling. However, after a successful block deal, there was a turnaround in sentiment.
Biocon was one of the biggest winners on the BSE MidCap index. It has risen 14.22% in the last 12 months and 9.93% year-to-date. Total traded volume so far in the day stood at 3.69 times its 30-day average.
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Trading was also robust and finished 3.69 times its 30-day average. The RSI is at 50.86, which is neutral momentum.
Bloomberg data shows that there are 19 analysts covering Biocon, of which 10 have given a 'buy' rating while 6 have given a 'sell' rating and three have given a 'hold' rating. The average 12-month consensus target price of Rs. 429.06 implies a limited upside of 4.48%.