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Ranbaxy Case Churns As Singhs Face Fortis Sale Issues

Shares in India’s Fortis Hospital chain slide after Malaysia’s IHH Healthcare denies it is close to a purchase from cash-strapped tycoons Malvinder and Shivinder Singh, who continue to fight an arbitration order to pay hundreds of millions of dollars in compensation to Daiichi Sankyo over Ranbaxy.

Shares of Fortis Healthcare Ltd plunged by nearly 13% after Malaysia’s IHH Healthcare Bhd. denied reports it was near an agreement to buy a chain of specialty hospitals controlled by Indian business brothers Malvinder and Shivinder Singh. The deal, which was to have included Fortis’ diagnostic laboratory arm SRL Diagnostics, was reportedly valued at nearly INR190bn ($2.95bn).

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