Indraprastha Medical Corp Soars as HDFC Bank Sells Shares

Indraprastha Medical Corporation saw a 19% surge in early trading on April 5 as HDFC Bank, India's largest private lender, sold 27.8 lakh shares of the medical company.

HDFC Bank divested 3.03% of Indraprastha Medical Corporation's total share capital for Rs 55.46 crore in cash. The shares were sold at an average price of Rs 199.38 between February 29 and April 4. After the sale, HDFC Bank retains a 2.45% stake in the medical firm.

As of 9:45 am, Indraprastha Medical shares were trading at Rs 242.55 each, up 16.8% from the previous closing price, hitting a fresh 52-week high of Rs 249 during the session.

Indraprastha Medical operates hospitals in New Delhi and Noida, promoted by the Delhi government and Apollo Hospitals.

In 2023, Indraprastha Apollo Hospital faced controversy when British daily Telegraph reported a 'cash-for-kidney' racket, involving villagers from Myanmar being lured to sell their kidneys to wealthy patients. The hospital is part of the Apollo Hospitals Group.

Over the past year, Indraprastha Medical's shares surged over 200%, outperforming the Nifty 50 index, which rose around 28% during the same period.

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