Novartis India's scrip soared 5.48 per cent to Rs 674 at the BSE.
However, the stock surrendered most of the gains later and was trading 2.12 per cent higher at Rs 652.50.
CCI has approved a multi-billion dollar deal between global pharma giants GlaxoSmithKline Plc and Novartis as it did not find the transaction to be anti-competitive in India.
The multi-layered deal involves UK-based GlaxoSmithKline (GSK) acquiring the Swiss major's vaccine business while the latter would purchase GSK's cancer drugs portfolio.