Analysts cautious on Fortis Healthcare post SC verdict; stock tanks 18%

Apart from a forensic audit in the Fortis-IHH deal, the Supreme Court on Thursday also announced a jail term of six months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case.

Shares of Fortis Healthcare (FHL) plunged 18 per cent to Rs 255.75 on the BSE in Thursday’s intra-day trade on of heavy volumes, after the Supreme Court (SC) announced a jail term of six months for Malvinder Singh and Shivinder Singh in the Daiichi-Fortis case. That apart, a forensic audit has been ordered in the Fortis-IHH deal.

The stock hit a 52-week high of Rs 324.80 on Monday, September 19, 2022 and touched a 52-week low of Rs 219.80 on June 20. At 11:29 am; FHL was trading 17 per cent lower at Rs 258.70, as compared to