Shareholders in Fortis Group and Religare Enterprises appeared to be largely unperturbed by the fallout between brothers, Shivinder Singh and Malvinder Singh.
Stocks of the Fortis Group companies – Fortis Healthcare and Fortis Malar Hospitals – and Religare Enterprises slipped lower, but not very sharply.
To put into perspective, Religare Enterprises has been losing for the last three days and has fallen over five percent in the period.
The stock has traded lower than its 5 day, 20 day, 50 day, 100 day and 200 day moving average, with investor participation falling steadily due to below average financial performance.
Likewise, Fortis Healthcare too has slipped over two percent in the last two days and long term trend on the stock is bearish. The story isn't very different with Fortis Malar Hospitals as well.
Shares of Fortis Healthcare were down 0.41 percent to trade at Rs 146.25, while Religare Enterprises also traded negative at Rs 46.60, slipping lower by 1.38 percent.
Likewise, Fortis Malar Hospitals stock was down by 0.09 percent at Rs 55.
Shares were down after reports of founder Shivinder Singh filed a case against his brother Malvinder and Religare Enterprises chairman and managing director Sunil Godhwani in the National Company Law Tribunal (NCLT) court for oppression and mismanagement of RHC Holding, Religare and Fortis.
"I have filed a case against Malvinder and Sunil Godhwani in the NCLT for oppression and mismanagement of RHC Holding, Religare and Fortis," Shivinder said in a statement. Read full text here.
Fortis Healthcare shareholders had voted in mid-August in favour of the offer from IHH Healthcare to acquire a stake in the company via a preferential share allotment worth Rs 4,000 crore at Rs 170 per share.
Over 99 percent of the votes were in favour of the offer from IHH, Fortis had said in an exchange filing.
IHH Healthcare has outbid rival bidder TPG-Manipal in the race to buy stake in Fortis.
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