Fortis Healthcare tanks 6% as SC bars promoters from selling pledged shares

SC reaffirmed that Singh brothers cannot sell both encumbered and non-encumbered assets

Shares of Fortis Healthcare tanked nearly six per cent on Thursday following news reports that the Supreme Court has refused to grant permission to the company's promoters to sell their shares that they have pledged with banks and financial institutions. 

Reacting to the development, the stock slipped as much as 5.85 per cent to Rs 145 on the BSE. 

According to media reports, reaffirming status quo order against promoters Malvinder and Shivinder Singh, SC clarified that Singh brothers cannot sell both encumbered and non-encumbered assets in the company. The apex court also refused permission to banks seeking to sell pledged shares, reports added.  

Last week on Tuesday, Rekha Jhunjhunwala, wife of investor Rakesh Jhunjhunwala, bought 4.5 million shares, or 0.9 per cent stake, in Fortis Healthcare through a bulk deal at Rs 134.65 per share, the NSE data showed.