Novartis India shares hit one-year low, recover later

Novartis India shares on Monday hit a one-year low on the Bombay Stock Exchange (BSE) after the Supreme Court dismissed parent firm Novartis AG's plea for getting its blood cancer drug patented in India.

The Swiss pharma major lost a seven-year long legal battle for getting its cancer drug Glivec patented in India and to restrain Indian companies from manufacturing generic drugs, with the Supreme Court rejecting the multinational company's plea.

Following the move, shares of Novartis India tanked 6.79 per cent to Rs 558.10 - its 52-week low despite a positive opening at BSE. The scrip, under pressure through the day, recovered from the losses to close at Rs 587.95, down 1.81 per cent.

The multinational company (MNC) had applied for patent in 2006 and had approached the apex court in 2009 against the order of Chennai-based Intellectual Property Appellate Board (IPAB), which had rejected its claim for patent.

Among other drug companies, shares of generic drug makers Natco Pharma and Cipla were trading higher by 4.20 per cent and 2.28 per cent, respectively, in late morning trade.

With inputs from PTI