Fortis Healthcare Plunges 8% IHH Denies Stake Purchase

Fortis Healthcare plummeted 10% on BSE at Rs 177.95 per share during the early hours of trade on Friday.

The stock tanked following a statement by IHH Healthcare Berhad that it is not close to concluding any negotiations to buy a controlling stake in the pharmaceutical company, reported a national business daily.

On Tuesday, it was reported by a leading business daily that IHH Healthcare BHD will be buying a controlling stake in Fortis Healthcare and SRL Diagnostics from Malvinder and Shivinder Mohan Singh. 

However, IHH Healthcare told Bursa Malaysia that, "IHH is not, nor is it close to concluding any negotiations or due diligence or transactions in India at this point in time." 

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