 "Novartis India slumps 8% on clarification of de-listing plans")
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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%