Fortis Healthcare under pressure after SC allows FIs to sell pledged shares

The stock slipped 20% to Rs 115 in noon deal trade, falling 24% from its intra-day high of Rs 151 on BSE on back of heavy volumes.

Fortis Healthcare has slipped 20% to Rs 115 in noon deal trade, falling 24% from its intra-day high on BSE on back of heavy volumes after the Supreme Court (SC) allowed financial institutions to sell pledged shares of the company. The stock hit an intra-day high of Rs 151 in early morning deal.

At 01:19 PM; Fortis Healthcare was trading 10% lower at Rs 129, as compared to 0.23% decline in the S&P BSE Sensex.

The trading volumes on the counter jumped more than four-fold with a combined 73.52 million equity shares representing 14% of total equity of Fortis Healthcare