Fortis Healthcare drops 4% as SC allows sale of firm’s pledged share
ETMarkets.com|
Updated: Feb 16, 2018, 03.47 PM IST
NEW DELHI: Shares of Fortis Healthcare tumbled over 4 per cent on Friday following the Supreme Court ruling which allowed lenders to the company to sell shares pledged by promoters Malvinder and Shivinder Singh with them.
The stock, which was trading with a negative bias in the early morning trade, accelerated the decline amid high volumes. It ended the day 4.31 per cent lower at Rs 137.50. A total of 41.38 lakh shares changed hands on the counter compared with a daily average of 24.37 lakh shares in the last two weeks.
The apex court had blocked the sale of all Fortis Healthcare shares owned by Fortis Healthcare Holding Pvt Ltd. (FHHPL) on August 31. But on Thursday, it clarified that the status of company shares encumbered on or before that date does not have to be maintained.
Five lenders – Yes Bank, Axis Bank, RBL, ECL Finance and Indiabulls Housing Finance – hold such pledged shares.
The stock, which was trading with a negative bias in the early morning trade, accelerated the decline amid high volumes. It ended the day 4.31 per cent lower at Rs 137.50. A total of 41.38 lakh shares changed hands on the counter compared with a daily average of 24.37 lakh shares in the last two weeks.
The apex court had blocked the sale of all Fortis Healthcare shares owned by Fortis Healthcare Holding Pvt Ltd. (FHHPL) on August 31. But on Thursday, it clarified that the status of company shares encumbered on or before that date does not have to be maintained.
Five lenders – Yes Bank, Axis Bank, RBL, ECL Finance and Indiabulls Housing Finance – hold such pledged shares.
