Bids for Fortis may be revised downwards after ownership controversy

Four bidders are expected to submit their bids - Sunil Munjal-Anand Burman combine, Manipal Group-TPG consortium, IHH Healthcare, and Radiant Life Care

Prospective bidders for Fortis Healthcare, which is in the midst of a takeover battle, might consider revaluing their bids, possibly revising them downwards, after controversy around ownership of the Fortis brand emerged.

The fourth-quarter financial results too took a hit, thanks to a provisioning of around Rs 5.8 billion, whose recovery is doubtful. Bidder sources said they had been asked to submit bids on June 30. The earlier date for submission was June 28. However, since the announcement of results was deferred to Wednesday, the healthcare major extended the date for submitting bids. The deal, however, may wait until the audited