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).
Indian media reports said IHH got cold feet about buying India’s second-largest hospital chain because of a stormy legal battle being waged by the brothers, the founders and former controllers of Fortis Healthcare, against a demand by Daiichi Sankyo Co. Ltd
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