Fortis Continues To Trade In The Red

The shares of Fortis Healthcare had dropped 20% to Rs115 intraday, however, have shown some recovery to Rs125. The primary factor for the downtrend is the negative news flow that has continued to impact its shares.

Earlier the Supreme Court paved the way for the banks to sale the pledged shares of Fortis Healthcare by Malvinder and Shivinder Singh. This allows Yes Bank, Axis Bank, RBL, ECL Finance and Indiabulls Housing Finance to sell the shares pledged by Singh brothers with them.

Shares of Fortis Healthcare have dropped by nearly 40% over the past one year owing to the alleged corporate governance issues as well as litigation between Singh brothers and Japanese Company Daiichi Sankyo. In this month, shares turned volatile after corporate governance issues surfaced again on the news that Fortis healthcare loaned $78mn to its promoters Mr Malvinder Mohan Singh, and Dr Shivinder Mohan Singh. Later on, it was cleared by the company that this is a part of the related party transactions.

The company also has sought permission to delay its third-quarter results.
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About Bhoomi Desai