Former Ranbaxy Promoters Fined: Fortis Healthcare, Religare Fall

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Shares of companies promoted by Malvinder Mohan Singh and Shivinder Mohan Singh came under selling pressure on Friday, following a Rs 2,600 crore penalty imposed on the billionaire brothers in a 2008 deal involving the sale of Ranbaxy to Daiichi Sankyo. (Read)

Fortis Healthcare shares fell nearly 5 per cent on Friday, while Religare Enterprises shares traded 1 per cent lower. Both Fortis and Religare shares were headed for a fourth straight day of losses.

Oscar Investments, another firm promoted by Singh brothers, traded with nearly 4 per cent losses.

The penalty was imposed by a Singapore tribunal, which charged the billionaire Singh brothers with “concealing” facts about the 2008 deal, under which they sold their controlling stake in Ranbaxy to the Japanese drugmaker.