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Shares of Novartis have slumped over 8% and are currently quoting at Rs 771 on the BSE after staging a smart rally of 20% in yesterday’s trade on reports suggesting that Novartis AG, parent company, is considering delisting of Indian unit, Novartis India from the Bombay Stock Exchange.
According to the reports, Novartis AG intends to purchase all the shares it didnt already own in Novartis India, having a market value of about $419 million. CLICK FOR MORE
However, in a response to the clarification asked by the exchange, Novartis India stated that the company is not aware of any plan by its parent to delist its shares from the BSE.
The company in its response added that the Board of the Company has not received any notice from the promoters of the Company, Novartis AG on its intention to delist the equity shares of the Company from the BSE.
Yesterday shares of Novartis India shares closed 15.7% higher at Rs 838.60 on the BSE. However, today the stock opened at Rs 752 and touched an intraday low of Rs 731 on the BSE.
