Novartis India surges as company mulls share buyback plan

NEW DELHI: Shares of Novartis surged ended higher by 17.16 per cent in Tuesday's trade after the company said it was considering a share buyback plan.

The company in a filing to the bourses said it would take up the issue of share buyback plan at its board meeting on May 26.

Reacting to the development, the scrip gained 15.03 per cent to hit a high of Rs 818 on the BSE. The stock has declined 3 per cent in the year so far. As of March 31, 2016, Novartis AG, the promoter held 75% stake in Novartis India. The remaining 25% stake are with individual shareholders (19.57%), insurance companies (0.89%) and mutual funds (0.46%).