LIC picks additional stake in Biocon; stocks mixed

Biocon share price today, LIC share price today: Shares of an Indian biopharmaceutical company, Biocon fell over more than 2 per cent today as Life Insurance Corporation of India (LIC) increased its stake in the company's stock.

On Wednesday, September 18, 2024, the pharma company stock fell as much as 2.43 per cent at 11:33 AM from the previous close, according to the BSE website.

Meanwhile, the LIC stock has surged 1.18 per cent from its previous close.

Biocon has announced that LIC has increased its shareholding in their equity shares to 5.023 per cent.

Now after the latest hike, state-run insurance company's stake stands at 6,03,14,429,  which is an increase of 0.82 per cent from 5,98,14,429 equity shares. Previously the company had a 4.98 per cent stake in Biocon.

Biocon Stock: Past performance

In the last one year, the stock has gained 64.80 per cent. Meanwhile, the Nifty Pharma index has increased 50.82 per cent in the same period.

LIC Stock: Past performance

LIC shares have rewarded investors with a return of 53.86 per cent in the past one year, sharply outperforming a 26.47 per cent rise in the headline Nifty50 index.