Novartis stock jumps as parent looks to reduce stake

Shares in Novartis, a leading pharma company gained in trade today after Novartis AG, the promoter company of Novartis India said it will sell nearly 1.4 per cent stake in its Indian unit to comply with minimum 25 per cent public shareholding as per the guidelines issued by the Securities and Exchange Board of India.

Shares of Novartis were last trading at Rs 594, up 3 per cent in trade today. Novartis is a world leader in the research and development of products to protect and improve health and well-being. The company has core businesses in pharmaceuticals, vaccines, consumer health, generics, eye care and animal health.

Headquartered in Basel, Switzerland, Novartis employs nearly 115 000 people in over 140 countries worldwide to help save lives and improve the quality of life.

The Group is present in India through Novartis India Limited, listed on the Mumbai Stock Exchange and its wholly owned subsidiaries Novartis Healthcare Private Limited, Sandoz Private Limited and Chiron Behring Vaccines Private Limited.

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Story first published: Thursday, March 28, 2013, 12:02 [IST]

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