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Fortis shares jump 24% as Malvinder and Shivinder Singh resign from board

The main shareholder Singh brothers and their affiliates held an equity stake of 34.43 per cent in Fortis at the end of December

Reuters  |  Mumbai 

Shares in Fortis Healthcare Ltd jumped as much as 24 per cent on Friday after main shareholders Malvinder Mohan Singh and Shivinder Mohan Singh resigned from the board saying it was in the interests of the company because of legal troubles they were facing. In their resignation letter, the billionaire brothers cited a Delhi High Court verdict last week that upheld a 2016 order by a Singapore tribunal asking the brothers to pay damages worth Rs 25.63 billion ($398.34 million) to Japan's Daiichi Sankyo Co Ltd. The letter was released as an exchange filing by Fortis late on ...

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First Published: Fri, February 09 2018. 17:33 IST