Healthcare group NMC shares drop after short-seller’s warning | Financial Times

Healthcare group NMC shares drop after short-seller’s warning | Financial Times:

NMC Health lost more than a third of its value on Tuesday after short-seller Muddy Waters warned that it had “serious doubts” about the FTSE 100 company’s financial statements.

The healthcare operator’s shares dropped 37 per cent, knocking more than £1.4bn off the company’s market value, after Muddy Waters questioned the group’s asset values, cash balance, reported profits and debt levels.

NMC owns and manages a network of hospitals, medical centres and fertility clinics across 19 countries, centred around the Middle East. It was founded in 1974 in Abu Dhabi, listed in London in 2012 and joined the prestigious FTSE 100 index in 2017. 

The company, which reported revenues of $2.1bn last year, has grown quickly since its flotation through a series of acquisitions, as well as its building its own developments.