Biocon shares jump 6% as Mylan likely exits drugmaker after Rs 3,481 crore stake sale

Biocon shares jumped 6% to Rs 436.15 after Mylan (part of Viatris) sold its 5.64% stake worth approximately Rs 3,481 crore ($363 million) through block deals at a floor price of Rs 378.50 per share. Nearly 9 crore shares changed hands in two block deals, with Citigroup Global Markets India and Jefferies India acting as joint bookrunners. The strong price action despite the large supply indicates robust institutional demand for the stock.