Fortis drops nearly 4% after clarification on merger buzz

Shares of Fortis Healthcare today fell by nearly 4 per cent after the company said its board is still evaluating an unsolicited offer from Manipal Health Enterprises, reportedly for a merger.

The stock declined 3.55 per cent to end at Rs 142.45 on BSE. During the day, it had gained 4.26 per cent to Rs 154 but surrendered all the gains after clarification from the company.

On NSE, the stock dipped 3.65 per cent to close at Rs 142.25.

In terms of equity volume, 32 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.

Fortis Healthcare today said it has received an unsolicited non-binding offer from Manipal Health Enterprises for transaction with the company.

The healthcare provider was clarifying following media reports that Manipal and Fortis boards may approve merger this week.

The healthcare chain, however, said its board is still evaluating the proposal received on March 23, 2018.

The board of directors of the company has received an unsolicited non-binding indication of interest from Manipal Health Enterprises Pvt Ltd for possible transaction with the company, Fortis Healthcare said in a filing to the BSE.