Danish drugmaker Novo Nordisk on Tuesday cut the price of its blockbuster weight-loss drug, Wegovy, by up to 33% in India, according to a document seen by Reuters.

Shares of Novo Nordisk rose 3.91% on the news.

Wegovy's highest dose of 2.4 mg will now cost 16,400 rupees ($186.59), compared with its earlier price of 24,389.06 rupees, the document sent by Novo to drug distributors showed.

Its lowest dose of 0.25 mg will sell at 10,850 rupees, compared with 16,260.94 rupees earlier, according to the document.

The move comes just days after rival Eli Lilly's weight-loss therapy, Mounjaro, became India's top-selling drug by value in October.

Wegovy's active ingredient semaglutide goes off patent in India in March 2026, paving the way for generic players to enter the market.

Novo and Lilly are locked in a race for dominance in India, a key battleground for weight-loss treatments in the booming global market, which analysts estimate could be worth $150 billion annually by the end of the decade.

"This appears like prices have been slashed to better compete with Mounjaro in a price-sensitive market like India," said Amar Vennapusa, a Hyderabad-based bariatric surgeon.

Novo Nordisk did not immediately respond to a Reuters request for comment.