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Shares of Fortis Healthcare Ltd rose as much as 2.95 per cent to Rs 148.20, in its sharpest intraday gain in over a week, as the healthcare chain has launched a new bidding process.
On Tuesday, Fortis Healthcare had decided to initiate a fresh, time-bound bidding process for its sale and terminated the offer from Munjal-Burman combine that was earlier accepted by the company’s board. The move comes a day after the Munjal-Burman combine had given their consent to re-open the bidding process.
Fortis board is scheduled to meet on Wednesday to approve its March-quarter results. More than 749,000 shares changed hands, compared with the 30-day moving average of 5.7 million shares. Up to Tuesday's close, the stock had fallen 10.3 per cent this year.
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