Biocon Ltd shares rallied more than 6% on Monday as Mylan Inc, a unit of global healthcare company Viatris, completed the sale of its entire 5.64% stake in the Indian biotechnology firm.
The block deal, valued at ₹3,679 crore, marks a full exit for the US-based investor, which had been a significant shareholder in the Bengaluru-based company.
22% to ₹401.90 on the National Stock Exchange earlier in July.
The sharp price increase occurred despite the large-scale divestment, indicating strong underlying institutional demand for Biocon's equity.
Domestic mutual funds and global investors were among the buyers in the block deals, absorbing the shares and driving the stock higher.
The market reaction suggests that investors view the exit as a neutral or positive development, potentially clearing overhang concerns or reflecting confidence in the company's near-term prospects.
This development follows a period of positive momentum for Biocon, which saw its shares rise 1.22% to ₹401.90 on the National Stock Exchange earlier in July.