Supreme Court puts Fortis Healthcare sale to IHH on hold

Fortis Healthcare  | In the September quarter, Rakesh Junjhunwala held a 2.65 percent holding in the stock, and FIIs have increased its stake to 41.04 percent from 40.98 percent in the June quarter. In FY21 so far the stock price has risen 0 percent to Rs 125.70 as on October 26.

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The Supreme Court has put the sale of Fortis Healthcare to IHH Healthcare on hold following a contempt plea filed by Daiichi Sankyo against Fortis' former promoters Malvinder Singh and Shivinder Singh (Singh brothers).

Daiichi Sankyo had moved the plea against the Singh brothers and Indiabulls alleging that the two had pledged 1.7 million shares of Fortis Healthcare held by Fortis Healthcare Holding, despite the apex court forbidding it.

On February 15 this year, the Supreme Court had allowed banks and other financial institutions to sell shares of Fortis Healthcare pledged with them by the Singh brothers, on or before the August 31.

The court had also forbidden the Singh brothers from pledging any more shares in the company from then on.

Shares of Fortis Healthcare fell 14 percent intraday on the news. At 11.30 IST, the stock was trading at Rs 138.60, 9 percent lower than its previous close.

(To be updated...)