Meanwhile, the S&P BSE Sensex was down 359.33 points or 1.06% at 33,651.43. The S&P BSE Mid-Cap index dropped 1.62%, underperforming the Sensex.

On the BSE, 31.98 lakh shares were traded on the counter so far as against average daily volumes of 17.05 lakh shares in the past one quarter. The stock had hit a high of Rs 143.20 and a low of Rs 131.30 so far during the day. The stock had hit a record high of Rs 230.90 on 3 May 2017 and a 52-week low of Rs 106.65 on 6 February 2018.

The stock had outperformed the market over the past one month till 16 February 2018, sliding 1.93% compared with the Sensex's 2.19% fall. The stock had also outperformed the market over the past one quarter, advancing 5.08% as against the Sensex's 2.73% rise. The scrip had, however, underperformed the market over the past one year, sliding 30.89% as against the Sensex's 20.17% rise.

The mid-cap company has equity capital of Rs 518.65 crore. Face value per share is Rs 10.

ECL Finance sold 29.10 lakh shares of Fortis Healthcare at Rs 130.01 apiece in a bulk deal on the BSE on Friday, 16 February 2018. It offloaded 1.04 crore shares at Rs 136.25 apiece in a bulk deal on the NSE on 16 February 2018. On the same day, IDBI Trusteeship Services sold 77.78 lakh shares at Rs 134.91 per share on the NSE. UBS Principal Capital Asia bought 38.18 lakh shares at Rs 134.91 per share on the NSE.

In a fresh development, Fortis Healthcare disclosed to the exchanges on Saturday, 17 February 2018 that it has received a communication from Securities and Exchange Board of India (SEBI) dated 16 February 2018, confirming that an investigation has been instituted by SEBI in the matter of the company. SEBI has asked to furnish information and documents as mentioned therein by 26 February 2018. The company is in process of collating the said information and will be sharing the same with SEBI in due course, it added. The financial implication/compensation/penalty and quantum of claims has not been referred in the aforesaid letter and hence cannot be ascertained, Fortis added.

The Supreme Court (SC) on 15 February 2018 paved the way for the sale of the shares pledged to lenders by former board members Malvinder and Shivinder Singh. It had blocked the sale of all Fortis Healthcare shares owned by Fortis Healthcare Holding (FHHPL) on 31 August 2017 on a petition by Japanese drug maker Daiichi Sankyo to prevent the Singhs from diluting the value of assets. The Singhs had approached the SC for permission to appeal a judgment of the Delhi High Court (HC) in January allowing Daiichi Sankyo to enforce the Rs 3500-crore arbitration award. The apex court clarified that the status of the shares encumbered on or before that date do not have to be maintained. FHHPL held 34.33% stake end December 2017. Of this, 98.22% equity was pledged or otherwise encumbered.

Shares of Fortis Healthcare dropped 4.31% to settle at Rs 137.50 on Friday, 16 February 2018 after the SC order.

Fortis Healthcare's board on 13 February 2018 had accepted the resignation of the Singh brothers from 8 February 2018. As an interim measure, a management committee has been constituted to oversee the functioning from a strategic and operational guidance perspective.

Meanwhile, as per media reports, the auditors of Fortis Healthcare, Deloitte Haskins & Sells Llp, have refused to sign the accounts for Q2 of FY 2018 results amid suspicion of misappropriation of funds by the Singh brothers. The Singh brothers were alleged to have siphoned at least Rs 500 crore without board approval about a year ago. The funds were reported on the balance sheet of Fortis Healthcare as cash and cash equivalents, but the money was routed and placed under the control of the Singhs at the time.

In a clarification to the stock exchanges, Fortis Healthcare said that Fortis Hospitals, a wholly owned subsidiary of Fortis Healthcare, has deployed funds in secured short-term investments with companies in normal course of treasury operations. These entities as of the quarter ended 31 December 2017 had become part of the promoter group due to a shareholding change in those entities. Subsequently, the same loans were recognized as related-party transactions in compliance with necessary regulatory requirements. These loans of Rs 473 crore are adequately secured and the repayment has since commenced.

Fortis Healthcare's consolidated net profit fell 10.5% to Rs 22.61 crore on 3.2% rise in net sales to Rs 1156.61 crore in Q1 June 2017 over Q1 June 2016.

Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities.