1. Fortis Healthcare shares slump 13%; market capitalisation dips by Rs 1,315 crore

Fortis Healthcare shares slump 13%; market capitalisation dips by Rs 1,315 crore

Shares of Fortis Healthcare slumped nearly 13 per cent today after Malaysia's IHH Healthcare Berhad said it is not close to "concluding any negotiations" to buy a controlling stake in the company. The stock dived 12.96 per cent to settle at Rs 172.30 on BSE.

By: | Published: June 23, 2017 5:04 PM
At NSE, shares of the company dropped 12.83 per cent to close at Rs 172.50.

Shares of Fortis Healthcare slumped nearly 13 per cent today after Malaysia’s IHH Healthcare Berhad said it is not close to “concluding any negotiations” to buy a controlling stake in the company. The stock dived 12.96 per cent to settle at Rs 172.30 on BSE. During the day, it tanked 13.66 per cent to Rs 170.90. At NSE, shares of the company dropped 12.83 per cent to close at Rs 172.50. The company’s market valuation also fell by Rs 1,315 crore to Rs 8,932.99 crore.

On the volume front, 28.69 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. The company, however, maintained that it is constantly evaluating growth opportunities in select geographies in Asia including India, which is its fourth “home market”.

According to media reports, the company, which was earlier speculated to have been in advanced talks with the Singh brothers – Malvinder and Shivinder – to acquire controlling stake in Fortis Healthcare and SRL Diagnostics, has pulled out of the talks.

“IHH is not, nor is it close to, concluding any negotiations or due diligence or transactions in India at this point in time,” IHH Healthcare Berhad said in a filing to Bursa Malaysia.

Fortis Healthcare, which has already got shareholders’ nod to raise up to Rs 5,000 crore, has maintained that it was still evaluating the best possible way to raise the funds and no firm decision has been approved by the board till date.

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