Narayana Hrudayalaya tumbles after subsidiary announces temporary suspension of operations

Narayana Hrudayalaya fell 10.93% to Rs 246.80 after the companys step-down subsidiary temporarily suspended the operations of its hospital in Cayman Islands due to COVID-19 outbreak.

Mar 18, 2020 02:03 IST capital market

Narayana Hrudayalaya (NHL) on Wednesday (18 March 2020) announced that its step-down subsidiary, Health City Cayman Islands, has temporarily suspended the operations of its hospital in Cayman Islands as a precautionary measure in view of COVID-19 outbreak.

There was a patient from a cruise ship who was admitted in the hospital for Cardiac Arrest and had a delayed presentation of signs and symptoms of COVID 19, ten days after admission. As per clinical protocol, the hospital is required to quarantine 50% of the clinical staff, and as an abundant precaution in the larger interest of the people in the Cayman Islands, the subsidiary has decided to temporarily stop admitting new patients into the hospital. This restriction is initially planned for a period of two weeks, the company said.

NHLs consolidated net profit surged 147.7% to Rs 31.38 crore on a 7.3% increase in net sales to Rs 785.19 crore in Q3 December 2019 over Q3 December 2018.

NHL operates a network of hospitals, diagnostic centers, clinical centers or test laboratories. The company operates through medical and healthcare services business segment. The firm offers medical, surgery, and diagnostics and support services.

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