We report the observation of large exchange bias in Ni50-xCoxMn38Sb12 Heusler alloys with x=0, 2, 3, 4, 5, which is attributed to the coexistence of ferromagnetic and antiferromagnetic phases in the martensitic phase. The phase coexistence is possibly due to the supercooling of the high temperature ferromagnetic phase and the predominant antiferromagnetic component in the martensitic phase. The presence of exchange bias is well supported by the observation of training effect. The exchange bias field increases with Co concentration. The maximum value of 480 Oe at T=3K is observed in x=5 after field cooling in 50 kOe, which is almost double the highest value reported so far in any Heusler alloy system. Increase in the antiferromagnetic coupling after Co substitution is found to be responsible for the increase in the exchange bias.
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