Fortis Healthcare falls after clarification on merger report

The stock dipped 3.5% to Rs 142, falling 8% from intra-day high of Rs 154 on the BSE

Fortis Healthcare has dipped 3.5% to Rs 142, falling 8% from intra-day high of Rs 154 on the BSE, after the company said that the merger of hospital chains of Fortis and Manipal is still under evaluation by the management and no firm decision in this regard has been taken by the board.

“On March 23, 2018, the board of directors of the Company have received an unsolicited non-binding indication of interest from Manipal Health Enterprises Private Limited for possible transaction with the company,” Fortis Healthcare said on clarification on news report of Manipal, Fortis board may approve merger this week.

At 01:35 pm; the stock was trading 2% lower at Rs 144, as compared to 0.53% rise in the S&P BSE Sensex. The trading volumes on the counter nearly doubled with a combined 21.76 million shares changed hands on the NSE and BSE so far.