Shares of Fortis Healthcare today tumbled over 13 per cent after the company's board approved demerger of its hospitals business.
The stock tanked 13.37 per cent to settle at Rs 123.40 on BSE. During the day, it dived 15.33 per cent to Rs 120.60.
At NSE, shares of the company slumped 13.28 per cent to end at Rs 123.35.
The company's market valuation also fell by Rs 986.77 crore to Rs 6,400.23 crore.
In terms of equity volume, 143.75 lakh shares of the company were traded on BSE and over 13 crore shares changed hands at NSE during the day.
The company's board had yesterday approved the demerger of Fortis' hospitals business, which will be acquired by Manipal Hospitals and TPG Capital, along with the sale of 20 per cent stake in diagnostics chain SRL Ltd.
The value of entity resulting from the merger of Fortis Healthcare and Manipal Hospital Enterprises will be Rs 15,000 crore, Fortis Healthcare CEO Bhavdeep Singh said.
The merger is expected to be completed in 10-12 months, he added.