Biocon Share Price: Shares of Biocon fell on Friday, March 27, after Siddharth Mittal resigned as Chief Executive Officer and Managing Director, who will transition to a new role within the group. Shreehas Pradeep Tambe will be replacing Mittal as CEO and MD.
Biocon shares dropped 3.02% intraday, trading at Rs 368.20 on NSE. The shares opened at Rs 378.55 on Friday. The stock recovered marginally, trading at 2.45% lower at 12:47 pm.
The pharmaceutical company on Friday announced that its board approved the resignation of Chief Executive Officer and Managing Director Siddharth Mittal. Additionally, the company gave nod to a change in its finance leadership, as its Interim Chief Financial Officer Mukesh Kamath stepped down and Kedar Narayan Upadhye is set to take over from April 1, according to an exchange filing.
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The latest development comes as the company moves ahead with the integration of Biocon Biologics Ltd.
Mittal joined Biocon in May 2013 and served as President & Chief Financial Officer until November 2019.
"This is to inform that I hereby step down from my role as the Managing Director and Chief Executive Officer of Biocon Limited, effective from the close of business hours on March 31, 2026, to transition into another leadership role within the Biocon Group," Mittal said in his resignation letter.
Speaking on Siddharth Mittal's contributions, Biocon founder Kiran Mazumdar-Shaw said, “I would like to thank Siddharth for his tremendous contributions to Biocon. Since joining in 2013, he has served with distinction as Chief Financial Officer and later as CEO & Managing Director, playing a pivotal role in shaping the company's growth trajectory. He will now transition to another leadership role within the Biocon Group.”
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