Novartis India denies delisting plans; stock plunges over 13%

MUMBAI: Shares of Novartis India opened gap-down and plunged over 13 per cent to end the day, down 35.85 points, at 802.75 as the company denied reports of delisting plans by Swiss parent Novartis AG.

"We would like to clarify that the Company is not aware of the source of this news item "Novartis AG said to explore delisting of $380 million Indian units" as mentioned in your letter, the company said in a filing to stock exchanges.

"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," it added.

The stock had ended 15.72 per cent in previous trade following media reports that "Novartis AG was planning to delist Indian units.