Novartis recovers early losses; stock ends nearly 2% down
Mumbai: Paring some initial losses, shares of Novartis India Ltd Monday settled 2 percent lower at the BSE after the Supreme Court dismissed Novartis AG's plea for getting its blood cancer drug patented in the country.
After falling about 7 percent and hitting one-year low of Rs 558.10 during the day, shares of the drug firm finally ended at Rs 587.95, down 1.81 percent on the BSE.
The market capitalisation of the company fell by Rs 34 crore to Rs 1,879 crore.
Swiss pharma major Novartis AG today lost a seven-year long legal battle for getting its blood cancer drug Glivec patented in India and to restrain local companies from making generic drugs, with the Supreme Court rejecting the multinational firm's plea.
Novartis 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. The MNC had applied for patent in 2006.
Novartis said: "This ruling is a setback for patients that will hinder medical progress for diseases without effective treatment options".
Among other drug companies, shares of Natco Pharma ended 5.44 percent higher, while Cipla rose by 1.20 per cent.