Indraprastha Medical Corp hits 52-week high after HDFC Bank sells 27.8 lakh shares

Indraprastha Medical Corporation surged 19 percent in early trade on April 5 as India’s largest private lender HDFC Bank offloaded 27.8 lakh shares in the medical player.

HDFC Bank sold 3.03 percent of the total share capital of Indraprastha Medical Corporation for an all-cash consideration of Rs 55.46 crore.

The average price was around Rs 199.38 for the shares that were sold during February 29 to April 4. Following the sale, HDFC Bank holds 2.45 percent in the medical firm.

At 9.45am, the Indraprastha Medical shares were quoting Rs 242.55 each, higher by 16.8 percent from the last closing price. Earlier in the session, the share price hit a fresh 52-week high at Rs 249.

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

In 2023, the Indraprastha Apollo Hospital was embroiled in controversy after British daily Telegraph reported that the hospital was enticing young villagers from Myanmar to their Delhi hospital to sell their kidneys to rich patients around the world.

The Telegraph said it first learned of the ‘cash-for-kidney’ racket through a case at the Indraprastha Apollo, which is Apollo Hospitals Group’s flagship hospital in Delhi.

Over the past one year, shares of the hospital operator have surged over 200 percent, more than tripling the wealth of its investors. In comparison, the benchmark Nifty 50 index has jumped around 28 percent during the same time.

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