Shares of drug firm Novartis India surged by nearly 12 per cent on the BSE on Monday amid media reports that its promoters may buy rest of the shares of the company that they don’t currently own.
Following the buzz, the stock spurted by 15.31 per cent to touch a 52-week high of Rs 875 on the BSE in intra-day. Later, shares of the company ended 11.78 per cent higher at Rs 848.20. On the volume front, over 1.14 lakh shares of the company changed hands on the BSE.
Marketmen said that the counter attracted buyers on reports that promoters will buy the public shareholding and delist the company.
Switzerland-based Novartis AG held 76.42 per cent of its Indian unit as on March 31, 2011, data available with the BSE said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.