Max India hits 52-week low, Fortis Healthcare down 3%

Max India hit 52-week low of Rs 128, dipped 4.5%, while Fortis Healthcare down 3% at Rs 143 on the NSE

Shares of Max India and Fortis Healthcare were under pressure, falling by upto 4% on the BSE in otherwise firm market.

Max India hit 52-week low of Rs 128, down 4.5% on the National Stock Exchange (NSE), after the Delhi government cancelled the licence of Max Hospital-Shalimar Bagh. Max India is the holding company of Max Healthcare.

“Max Healthcare Institute, an equal joint venture with Life Healthcare (South Africa), has received a notice of cancellation of the license of one of its hospitals at Shalimar Bagh, New Delhi, from Government of NCT of Delhi,” Max India said in a statement.

“We have received notice of cancellation of the license of Max Hospital Shalimar Bagh. We strongly believe that this ruling is harsh and that we have not been given an adequate opportunity to be heard,” it added.

The company said it believe that even if there is an individual error of judgement, holding the hospital responsible is unfair and will severely limit the ability for patients to access treatment. This will compound the shortage of hospital facilities in the National Capital.

Fortis Healthcare, too, trading 3% lower at Rs 143 on the NSE as the media report suggested that Haryana government to file FIR against Fortis for negligence in dengue case.

The company said Baby Adya was referred as a case of Dengue Shock Syndrome in a critical condition to Fortis Memorial Research Institute, Gurugram, operated by one of its subsidiary Fortis Hospotel.

The matter has been referred to inquiry committee by the Government and our subsidiary has confirmed to us that it is yet to receive an official report of the committee basis which necessary legal/regulatory remedies will be explored, Fortis Healthcare said in a clarification on the news report.

At 12:34 PM; the S&P BSE Sensex was up 92 points or 0.28% at 33,342, while Nifty 50 index up 0.26% at 10,292.