Fortis Healthcare: SC holds stake sale to Malaysia-based firm IHH
In a major blow to Fortis Healthcare's efforts to sell stake, the Supreme Court of India has put on hold the Rs. 4,000 crore deal between IHH Healthcare Berhad and Fortis on Friday. Reacting to this development, the stock of Fortis Healthcare plunged more than 8 per cent.
IHH Healthcare Berhad holds 31.1 per cent stake in Fortis Healthcare.
The judgement came from the apex court's bench chaired by the Chief Justice of India Ranjan Gogoi while hearing the petition filed by Daiichi Sankyo against the former promoters of the hospital chain Malvinder Singh and Shivinder Singh. Daiichi had requested for a stay on the Fortis stake sale.
The Singh brothers, who were also former promoters of Ranbaxy, are in violation of a Delhi High Court's order to pay Daiichi Rs. 3,500 crore with respect to irregularities in the sale of Ranbaxy assets to Daiichi.
Meanwhile, at 12:31 hours, the stock of Fortis Healthcare was quoting Rs. 140.60 per share, down by 7.44 per cent on Friday, when the BSE Sensex was at 35,923.46, down marginally by 6.18 points or 0.02 per cent.