Shares of Apollo Hospitals Enterprise fell over 8 percent in intra-day trading today after the firm announced that it will raise ₹2,475 crore through private equity firm Advent International for its unit Apollo HealthCo. Investors expressed concern about the valuation assigned to Apollo 24/7.
Shares of Apollo Hospitals tumbled more than 8.30 per cent on Monday in a knee-jerk reaction to Rs 5738, with a total market capitalization less than Rs 85,000 crore.
From last six months, Apollo Hospitals has been consolidating in broader range of Rs 4,900-4.150 levels as big wild swings kept the stock volatile over the period of months.
Apollo Hospitals, on the weekly charts, has decisively broken out above the 'cup and handle' pattern at Rs 4,900 level, accompanied by an increase in volume.
Apollo Hospitals shares closed at Rs 4,957.90 on Friday, up 2.89 per cent. Shares of Apollo Hospitals are trading at 58.5 times FY24E core earnings estimate and 24.4 times EV/Ebitda).