Novartis India slips 8% as buyback price disappoints

The board approved share buyback at a price of Rs 670 per share, against Friday's close of Rs 683 on BSE.

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Novartis is addressing the pricing question with a new type of agreement: For patients whose care is covered by the US govt programmes, the company will only get paid if patients show signs that the treatment is working within a month | Photo: istock

SI Reporter Mumbai

Last Updated : Sep 25 2017 | 2:36 PM IST

Novartis India slipped 8% to Rs 626 on BSE in the noon deals after the share buyback price announced by the pharmaceutical company disappointed the investors.

The company announced that its board has approved the buyback of 3.45 million equity shares representing 12.26% of the total paid-up equity share capital at a price of Rs 670 per share. The buyback price is 2% lower to its Friday’s closing of Rs 683 on BSE.

The buyback will be done on a proportionate basis through the tender offer and will cost Novartis India nearly Rs 231 crore. The promoters also

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