Serious fraud probe by SEBI on Fortis Healthcare & Religare

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Securities and Exchange Board of India ordered a serious fraud investigation into the dealings of Fortis Healthcare and Religare Enterprises which led to a tumble in their shares. Fortis Healthcare went down by 5.12 percent at Rs. 138.85 and Religare Enterprises went down by 5 percent at Rs. 60. On the other hand, the BSE Sensex of S&P went up by 68.10 points i.e. 0.2 percent at Rs. 33,842.76. Aftermarket hours on 19th February, Fortis Healthcare clarified to the stock exchanges that they have not been communicated in written or any other way about the investigation from the government’s side and they have no knowledge about the investigation against the company.

Religare Enterprises also stated that they have not received any notice or any formal communication about the investigation of the Securities and Exchange Board of India in a stock exchange filing on 20th February 2018. Religare Enterprises also announced that after the market hours on 19th February 2018, at a meeting held on the very same day, its committee approved on raising the funds by issuing warrants via preferential issue by issuing the warrants up to Rs. 17.55 Crore of Rs. 52.20 each. The allotment of these warrants will be subject to the approval of the shareholders of the company in the extraordinary general meeting of the company which will take place on 19th March 2018.

The consolidated net profit of Fortis Healthcare fell down by 10.5 percent to Rs. 22.61 Crore when the net sales increased by 3.2 percent to Rs. 1156.61 Crore in Q1 June 2017 over Q1 June 2016. Religare too reported a net loss of Rs. 41.68 Crore in Q3 December 2017 as compared to its net loss of Rs. 43.28 Crore in Q3 December 2016. The total income increased by 4.3 percent to Rs. 7.97 Crore in Q3 December 2017 over Q3 December 2016.

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