It is odd to pair Biocon Ltd and Bajaj Auto Ltd. This is done only because the share prices of both companies moved by 10% today. Biocon Ltd moved down by 10.89% ; Bajaj Auto Ltd moved up by 10.45%
One would have expected a bio-pharma company which obtained accelerated repurpose use authorisation for itolizumab in treatment of COVID-19 to report good financial results for the quarter ended December 31st. But that was not to be. The executive Chairperson has lamented, "We continue to face headwinds across operational, regulatory and commercial functions, which have been deterrents to our planned market expectations." Headwinds from regulatory functions, really?
This is not all. The Managing Director of Biocon Biologics Ltd. a noteworthy subsidiary, has resigned due to "professional differences with the Chairperson on strategic priorities and vision for the company." There is no doubt that it is Kiran Mazumdar-Shaw who set up the reputed Biocon group. Is she finding it difficult to let top management take independent decisions and that is why she retains control as 'executive chair'? Shades of possessiveness a la Ratan Tata?
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