Novartis drops after reporting loss in Q3

The company reported a loss of Rs 1.18 crore for quarter ended December 2014 against a profit of Rs 15.2 crore in the quarter ended December 2013

Shares of Novartis India were down over 4% at Rs 648 after the pharma major reported a loss of Rs 1.18 crore for the quarter ended December 2014 compared with a profit of Rs 15.20 crore for the same quarter last fiscal.

Net sales during the quarter under review was lower at Rs 213 crore compared with Rs 219 crore in the same quarter ended December 2014.

The stock opened at Rs 649 and touched a high of Rs 656. At 11:30AM, over 37,000 shares were traded on the Bombay Stock Exchange.