As per a report, Novartis, a pharmaceutical company in India was being claimed to be planning to quit from stock exchange. The company opened on Monday with a rise of 12% and there was a further increase by 2% amounting to Rs 864.95 on BSE.

The Switzerland-based Company said that their panel of directors was not planning to delist the company and that the media reports on delisting were just based on rumors in the market. The stocks of the company were being traded at Rs. 860.05, up by Rs. 11.85 or 1.40%. The stock hit an intraday high of Rs. 877 and low of Rs. 820 and the total quantity traded was 0.87 lakhs compared to 2 week average of 0.34 lakhs.

Novartis India hit a 52-week high of 875 rupees, and was up 9.9% at 834 rupees on market talks and also that the company planned to offer 1,200 rupees per share to public shareholders to delist its stock from the exchanges, dealers say. Officials at Novartis India weren't immediately available to comment on the matter. Novartis AG owns a 76.4% stake in Novartis India. One of the dealers said expects a 40% upside in Novartis India if the speculation is confirmed, as it is an illiquid stock.