Fortis Healthcare Chief Executive Bhavdeep Singh Steps Down

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Fortis board has accepted Bhavdeep Singh's resignation, it said in a filing to the exchanges


Fortis Healthcare today said its chief executive Bhavdeep Singh has stepped down. The board of directors at Fortis considered and accepted his resignation, the country's second-largest hospital chain said in a stock exchange filing.

"At the request of the board, Singh has agreed to continue in his current capacity till such time his succession planning is crystallised," it said.

Fortis said Mr Singh led the company for three-and-a-half years, including during the last two years when the company went through a period of high turbulence.

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The resignation follows a recent exit by another top executive. On August 30, the company's chief financial officer Gagandeep Singh Bedi resigned citing personal reasons.

Fortis Healthcare reported a larger net loss during the quarter ended September due to impairment of "goodwill and investments".

Its net loss for the period under review increased to Rs 142 crore from a net loss of Rs 23.61 crore in the corresponding period of the previous fiscal.

In July 2017, its board had unanimously accepted a binding offer from IHH Healthcare Berhad of Malaysia to invest Rs 4,000 crore in it by way of preferential allotment at Rs 170 per share.

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