Novartis India fell 1.92% to Rs 665.80 at 11:53 IST on BSE on a media report that the drug pricing regulator has slapped Rs 300 crore penalty on the company.
Meanwhile, the BSE Sensex was down 113.78 points, or 0.43%, to 26,183.60.
On BSE, so far 23,000 shares were traded in the counter, compared with an average volume of 30,717 shares in the past one quarter.
The stock hit a high of Rs 674.80 and a low of Rs 651.25 so far during the day. The stock hit a 52-week high of Rs 760 on 9 September 2014. The stock hit a 52-week low of Rs 385 on 14 October 2013.
The stock had underperformed the market over the past one month till 10 October 2014, falling 4.52% compared with 2.81% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 5.67% as against Sensex's 3.64% rise.
The small-cap company has an equity capital of Rs 15.98 crore. Face value per share is Rs 5.
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According to a media report, the National Pharmaceutical Pricing Authority (NPPA) has imposed a fine of around Rs 300 crore on Swiss multinational drug company Novartis for overcharging consumers on sale of Voveran, its best-selling painkiller medicine.
The drug pricing regulator also served a showcause notice on the company, asking to explain within two weeks why action should not be taken against it for overcharging, the report added.
Novartis' analgesic brand, Voveran, is based on diclofenac, a component that is under the government's direct price control. According to IMS Health annual data, Voveran, with annual sales of about Rs 225 crore, was among the top 10 brands in the domestic drug retail market as of April this year, the report suggested.
Net profit of Novartis India rose 3.17% to Rs 14.31 crore on 7.75% decline in net sales to Rs 202.06 crore in Q1 June 2014 over Q1 June 2013.
Novartis India is engaged in manufacturing and marketing drugs, pharmaceutical products and formulations for consumer healthcare and animal healthcare.
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