Novartis hit a new 52-week low today at Rs.491.55 but soon recovered from this level and is currently at Rs.497.

The stock is down on news that the management plans to sell 1.42% stake through an OFS to bring the stake down to 75% as per the SEBI stipulated minimum stake requirement rules. The marketmen are expecting the price to be announced at a discount to the market price which is why the counter is seeing some sell off.