Shares of Biocon slipped more than 4 per cent in morning trade after the

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biotech major reported nearly 16 per cent decline in consolidated net profit for the third quarter of this fiscal.

Reacting to the weak numbers, shares of the company opened on a sluggish note in a strong market and lost further ground to touch a low of Rs 262.90 on the BSE.

On the National Stock Exchange, the stock opened at Rs 271.40, then slipped to a low of Rs 262.20, down over 4.43 per cent from its previous closing price.

The stock was later quoting at Rs 267.90, down 2.60 per cent on BSE and at Rs 267.50, lower by 2.66 per cent on NSE at 1131 hrs.

The downtrend in the counter assumes significance as the broader market was trading in the positive territory. At 1130 hrs the 30-share index Sensex was trading at 17,068.48 points, higher by 72.71 points.

Marketmen said the slump in the counter was largely because of weak third quarter numbers which was lower than market expectations.

Biocon today reported 15.78 per cent decline in its consolidated net profit at Rs 84.85 crore for the quarter ended December 31, 2011.

On a standalone basis, the company posted a net profit of Rs 64.73 crore for the quarter ended December 31, 2011 as compared to Rs 211.59 crore in the year ago period.

Total Income of the company decreased from Rs 515.94 crore for the quarter ended December 31, 2010 to Rs 396.30 crore for the quarter ended December 31, 2011.