Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Fortis Healthcare Shares Crack over 17% as SC Blocks Takeover by IHH Healthcare

The apex court also held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court in a case filed by Japanese firm Daiichi Sankyo.

Trending Desk

Updated:November 15, 2019, 4:55 PM IST
facebookTwitter Pocket whatsapp
Fortis Healthcare Shares Crack over 17% as SC Blocks Takeover by IHH Healthcare
Image for Representation. (Reuters)

Fortis Healthcare Ltd shares cracked as much as 17.4% in intra-day trade on Friday, i.e. 15 November, after the Supreme Court refused to lift its stay on completion of the takeover of the hospital chain by Malaysian operator IHH Healthcare.

The apex court also held former Ranbaxy promoters Malvinder Singh and Shivinder Singh guilty of contempt of court in a case filed by Japanese firm Daiichi Sankyo. The court said that Malvinder Singh and Shivinder Singh had violated an earlier order by the court to put on hold the sale of their controlling stakes in Fortis Group to Malaysian firm IHH Healthcare.

The top court, however, added that Malvinder and Shivinder Singh can get away from contempt by depositing Rs 1,175 crore each.

IHH Healthcare is currently Fortis’ largest shareholder with a 31% stake. Today’s judgement blocks IHH’s open offer to Fortis Healthcare shareholders that would have taken up its stake in the company to above 50%.

Fortis Healthcare shares closed down 8.8% at Rs 142.40 apiece, after hitting the day’s low of Rs 129. Interestingly, the stock has risen nearly 3% to hit its 52-week high of Rs 161 in morning trade after the Supreme Court passed a separate judgement in favour of one of its wholly-owned subsidiary Escort Heart Institute and Research Centre Ltd (EHIRCL).

The company told exchanges that the court has quashed the proceedings for eviction of EHIRCL from its premises in Delhi’s Okhla area. EHIRCL had moved the Delhi High Court after the Delhi Development Authority (DDA) in 2005 terminated the lease of the hospital.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Yes Bank 56.25 0.45
SBI 316.70 -1.03
Indiabulls Hsg 258.95 -4.96
Maruti Suzuki 6,994.75 1.57
Reliance 1,572.60 1.14
Company Price Change %Gain
Yes Bank 56.20 0.36
Indiabulls Hsg 259.00 -4.92
SBI 316.75 -0.95
RBL Bank 334.95 -1.14
Reliance 1,572.55 1.13
Top Gainers
Company Price Change %Gain
BPCL 499.65 2.28
HDFC 2,311.40 2.06
Adani Ports 373.60 2.03
Axis Bank 732.00 2.01
JSW Steel 258.85 1.87
Company Price Change %Gain
HDFC 2,310.60 2.06
Axis Bank 731.95 2.01
Maruti Suzuki 6,997.25 1.68
Reliance 1,572.55 1.13
Power Grid Corp 188.30 0.94
Top Losers
Company Price Change %Gain
TCS 2,060.45 -2.97
Cipla 447.90 -1.66
HCL Tech 552.05 -1.47
Zee Entertain 284.15 -1.23
Larsen 1,276.00 -1.15
Company Price Change %Gain
TCS 2,060.70 -2.93
TML-D 66.50 -2.06
HCL Tech 551.60 -1.54
Larsen 1,276.90 -1.04
IndusInd Bank 1,449.00 -1.01

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results