Fortis operates about 30 private hospitals in India.Shares of Fortis Healthcare slipped as much as over 1.7 per cent on Wednesday.
At 10:57 am, Fortis Healthcare was trading at Rs 145.35 on the BSE, down 1.50 per cent.
The fall in Fortis Healthcare shares came after co-founder Shivinder Singh moved the National Company Law Tribunal (NCLT) against his elder brother Malvinder Singh.
Shivinder, who has decided to break business ties with his sibling, said the case, which also accuses former chief of financial services firm Religare Enterprises Sunil Godhwani, was filed in the NCLT, reported news agency Reuters.Shivinder Singh said on Tuesday he had filed a lawsuit against older brother Malvinder Singh, alleging 'oppression and mismanagement' at their joint businesses.
The case comes in the wake of financial troubles at the group businesses RHC Holding, Religare Enterprises and hospital chain Fortis Healthcare."The collective, ongoing, actions of Malvinder and Sunil Godhwani led to a systematic undermining of the interests of the companies and their shareholders," Shivinder Singh said in a statement.Fortis, which operates about 30 private hospitals in India, accepted an investment offer from Malaysia's IHH Healthcare Bhd in July, ending months of speculation over control of the company.
The brothers also sold their controlling stake in drugmaker Ranbaxy Laboratories, founded by their family, to Japan's Daiichi Sankyo Co in 2008.Meanwhile, benchmark equity indices opened mildly positive on Wednesday on fresh buying by foreign investors, but soon turned choppy on weak global cues.
At 10:57 am, the SP BSE Sensex declined 43.62 points or 0.11 per cent to trade at 38,114.30.
The broader Nifty50 slipped 15.20 points or 0.13 per cent to trade at 11,505.10.
(With Reuters inputs)