Novartis tanks 7% despite strong market opening

Shares of Novartis India Ltd today plunged nearly 7% to hit a one-year low level on the BSE, after the Supreme Court dismissed Novartis AG's plea for getting its blood cancer drug patented in India.

Shares of Novartis India Ltd on Monday plunged nearly 7% to hit a one-year low level on the BSE, after the Supreme Court dismissed Novartis AG's plea for getting its blood cancer drug patented in India.

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Following the move, shares of the company tanked 6.79% to Rs 558.10 - its 52-week low despite a positive opening at the BSE.

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 Indian companies from manufacturing generic drugs, with the Supreme Court rejecting the multinational company'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 multinational company had applied for patent in 2006.

Among other drug companies, shares of Natco Pharma were trading higher by 4.20%, while Cipla rose by 2.28% in the late morning trade.