How Muddy Waters Is Hammering Indian Billionaire’s NMC Health - Bloomberg:
After seeing its market value soar to more than $10 billion less than two years ago, NMC Health Plc is now struggling to cling on to investors. The Middle Eastern hospital operator, founded by billionaire Bavaguthu Raghuram Shetty, is in the spotlight after Carson Block’s Muddy Waters Capital claimed it’s understating debt and overstating cash. Shares in the firm and one of its sister companies have slumped.
The accusations in a Dec. 17 report, which NMC denies, have sent the London-listed firm’s market value plummeting 48% to 2.8 billion pounds ($3.7 billion) and wiped $1.5 billion off the Shetty family’s fortune.
Trading in the London-listed company has surged to an average of almost 2.5 million shares a day, from around 560,000 in the preceding three months. Its share price has fallen 24% this year to 13.48 pounds.
After seeing its market value soar to more than $10 billion less than two years ago, NMC Health Plc is now struggling to cling on to investors. The Middle Eastern hospital operator, founded by billionaire Bavaguthu Raghuram Shetty, is in the spotlight after Carson Block’s Muddy Waters Capital claimed it’s understating debt and overstating cash. Shares in the firm and one of its sister companies have slumped.
The accusations in a Dec. 17 report, which NMC denies, have sent the London-listed firm’s market value plummeting 48% to 2.8 billion pounds ($3.7 billion) and wiped $1.5 billion off the Shetty family’s fortune.
Trading in the London-listed company has surged to an average of almost 2.5 million shares a day, from around 560,000 in the preceding three months. Its share price has fallen 24% this year to 13.48 pounds.
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