Novartis India moves like a yo-yo

Novartis India is up currently over 3% at Rs.594.50, after having touched an intra day high at Rs.639. And to think that today, it also hit a new 52-week low at Rs.565.05.

The stock hit a low first on worries that it might lose the case on Glivec in Supreme Court. It is the most awaited patent case where Novartis in 2006, filed a case against the Indian Govt challenging key public health provision in patent law. The verdict is expected on 1^st April.

But the news which lifted it up from the low was the company stating that its Swiss parent company, which is also the promoter of the company plans to reduce its stake in the company to meet SEBI’s minimum shareholding requirement. As at 31^st Dec 2012, the parent holds 76.42% stake.