Fortis Healthcare slumps after SC order

Fortis Healthcare fell 7.13% to Rs 133 at 14:21 IST on BSE after the Supreme Court allowed the company's lenders to sell shares pledged by promoters.

The company made the announcement after market hours yesterday, 15 February 2018.

Meanwhile, the S&P BSE Sensex was down 187.97 points, or 0.55% to 34,109.50.

On the BSE, 1.25 crore shares were traded in the counter so far compared with average daily volumes of 14.90 lakh shares in the past one quarter. The stock had hit a high of Rs 151 and a low of Rs 115 so far during the day. The stock hit a record high of Rs 230.90 on 3 May 2017. The stock hit a 52-week low of Rs 106.65 on 6 February 2018.

The stock had outperformed the market over the past 30 days till 15 February 2018, falling 0.21% compared with 2.24% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.67% as against Sensex's 2.86% rise. The scrip had underperformed the market in past one year, falling 27.77% as against Sensex's 21.19% rise.

The mid-cap company has equity capital of Rs 518.65 crore. Face value per share is Rs 10.

This is in continuation to letters dated 11 August 2017 and 31 August 2017, whereby Fortis Healthcare had informed that, in the matter relating to Daiichi Sankyo Company v/s Oscar Investments & Others, the Supreme Court of India had directed to maintain status quo with regards to the holding of Fortis Healthcare Holding (FHHPL), a promoter group entity, in the company for both the encumbered and unencumbered shares.

In the said matter, the Supreme Court of India yesterday, 15 February 2018, clarified that the direction to maintain status quo shall not apply to shares of the company held by FHHPL as may have been encumbered on or before the interim orders dated 11 and 31 August 2017.

As on 31 December 2017, Fortis Healthcare Holding owned 34.327% in Fortis Healthcare and 33.8197% was pledged.

Fortis Healthcare's consolidated net profit fell 10.49% to Rs 22.61 crore on 3.16% rise in net sales to Rs 1156.61 crore in Q1 June 2017 over Q1 June 2016.

Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities.

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