India's Aster DM Healthcare falls after fraud allegations against unit's employees

Aster DM Quality Care

15/11/2023 09:22

** Shares of Aster DM Healthcare  ATRD.NS  fall 2.8% to
332.25 rupees
    ** Co says it initiated an investigation on a complaint
related to its unit Wahat Al Aman Home Healthcare
    ** Complaint alleged certain Wahat employees engaged in
forgery and fraud, resulting in irregularities in revenue
recognition and trade receivable balances
    ** Adds, estimated impact of 546.2 mln rupees ($6.6 mln)
    ** Over 345,000 shares change hands as of 02:37 p.m IST
    ** Five analysts rate the stock "buy" or higher, one rates
it "hold"; median PT is 336 rupees - LSEG data
    ** Stock last down 1.8%, trimming YTD gains to ~45%

($1 = 83.1675 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))