Deals
How Muddy Waters Is Hammering Indian Billionaire’s NMC Health
- Middle Eastern hospital operator accused of understating debt
- NMC and Finablr, founded by billionaire Shetty, have slumped
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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 have helped wipe $1.5 billion off the Shetty family’s fortune.