Shares of Novartis India surged 20% after the Swiss pharmaceutical giant agreed to exit its Indian operations in a $159 million deal. The Mumbai-listed company hit the upper circuit limit at 996.5 rupees as investors reacted to the sale of a 70.68% stake to a consortium led by ChrysCapital affiliates.

Under the agreement, the buyers will pay up to 14.46 billion rupees for the controlling interest, with WaveRise Investments acquiring the bulk at 860.64 rupees per share and ChrysCapital-linked entities purchasing smaller portions at about 701.25 rupees per share. Following the transaction, the acquirers will launch a mandatory open offer to buy an additional 26% of shares from public investors at the same price, potentially raising their combined holding to about 96.7% if fully subscribed.

The deal marks Novartis' latest step in streamlining its global operations and will transfer control of the listed Indian company to the ChrysCapital-led group. The Swiss drugmaker will cease to be a promoter and exit ownership entirely, pending regulatory clearances and other conditions.