Shares of Yatharth Hospital and Trauma Care Services Ltd. will be in focus on Thursday, November 13, after the company received orders from the Deputy Commissioner of Income Tax, Delhi, where orders were issued for the release of all provisional attached properties of the company.
The Income Tax authorities have also ordered the unfreezing of all fixed deposits of the company that were previously attached by the authorities but now can be used by the company.
“We have actively cooperated with the authorities and provided all the required information,” Yatharth Hospitals said, adding that concerned authorities will be informed once the tax department concludes its investigation.
The story goes back to October 2023, when the Income Tax raids were initially conducted by the authorities. Brokerages such as Ambit had dropped its coverage back them citing these ongoing investigations are a cause for concern.
“The recent move by authorities to attach various properties and equity shares in three subsidiaries raises concerns. Given our inability to assess the potential outcome or impact, we are dropping coverage on the stock,” Ambit wrote in its note back then.
In an interaction with CNBC-TV 18 on September 17, Yatharth Tyagi of Yatharth Hospitals said that he is anticipating a 10% annual growth in the Average Revenue Per Occupied Bed (ARPOB) for the next three years at Shantived.
Shares of Yatharth Hospitals have opened 0.8% higher in early trading at ₹746.
