Indraprastha Medical Surges as HDFC Bank Offloads Shares

5 Apr 2024 , 01:24 PM

Indraprastha Medical Corporation experienced a 19% surge in early trading on April 5 due to HDFC Bank’s offloading of 27.8 lakh shares in the company. HDFC Bank sold 3.03% of Indraprastha Medical Corporation’s total share capital for an all-cash consideration of ₹55.46 Crore.

The average price for the shares sold between February 29 and April 4 was approximately ₹199.38. After the sale, HDFC Bank retains a 2.45% stake in the medical firm.

As of the latest update, Indraprastha Medical shares were trading at ₹237.15 each, marking a 16.01% increase from the previous closing price. Earlier in the session, the share price reached a fresh 52-week high at ₹249.

Indraprastha Medical operates two hospital facilities—one in New Delhi and another in Noida—promoted by the Delhi government and Apollo Hospitals.

In 2023, the Indraprastha Apollo Hospital was involved in controversy following reports from the British daily Telegraph about a ‘cash-for-kidney’ racket, wherein young villagers from Myanmar were allegedly enticed to sell their kidneys to wealthy patients at the Delhi hospital.

Over the past year, shares of Indraprastha Medical Corporation have surged by over 200%, significantly outperforming the benchmark Nifty 50 index, which rose around 28% during the same period.

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