Novartis India up after promoter says to cut stake

Reuters Market Eye - Novartis India Ltd shares gained as much as 10.7 percent after parent Novartis AG said in a statement it will sell shares of its Indian unit via stock exchanges to reduce its holding.

The sale of shares in Novartis India is intended to comply with the regulation that at least 25 percent of private companies shares' must be held by public shareholders by June.

Novartis India would need to sell a 1.42 percent stake to comply with those norms.

Novartis India shares gain 2.5 percent after earlier falling to their lowest level since May 17, 2010.

India's Supreme Court is due to decide on April 1 whether Novartis AG's cancer treatment Glivec deserves a patent in the country.

 

(Reporting by Manoj Dharra)