Fortis slips 3% on valuation concerns over international biz

Shares of Fortis Healthcare were down as much as 3.43 percent in early trade today after analysts have expressed concerns of over valuation in the company's $665 million acquisition of promoters' international business.

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Since the company announced that it was buying the overseas heathcare business of its propmoters Malvinder and Shivinder Singh on 19 September, its stock price has fallen 25 percent, said an Economic Times report.

The company had said in November, it would pay $665 million to buy the Singapore-basd unlisted healthcare company. The listed entity is paying $115 million, or 20 percent more to buy the unlisted entity.

Agencies