Deals
Billionaire B.R. Shetty Resigns from Abu Dhabi’s Ailing NMC Health
- Co-Chairman misstated his stake amid margin call speculation
- Exodus of board members results in two more resignations
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NMC Health Plc, a hospital operator targeted by short seller Muddy Waters, said founder Bavaguthu Raghuram Shetty resigned amid investor concern he faced a margin call and misrepresented his stake.
The board asked for Co-Chairman Shetty’s resignation, which takes effect immediately, according to a person with knowledge of the situation. NMC has lost four board members since Friday, including Vice Chairman Khaleefa Butti, whose holdings are also being probed. The stock, the worst performer in the FTSE 100 Index this year, fell Monday morning and then rebounded, gaining as much as 2.3%.