Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

One “Shetty” Week: Family Behind NMC Health Loses $820 Million After Muddy Waters Short

Courtesy of ZeroHedge View original post here.

You could say its been one Shetty week for the family behind hospital operator NMC Health and financial services firm Finablr Plc. 

The Shetty family has seen its family fortune fall about $820 million since short seller Carson Block came out on Tuesday of this week critical of NMC's accounts and publicly stating he was short the company's stock, according to Bloomberg

Shares plunged 32% on Tuesday in response, despite the company calling Block's thesis "principally unfounded". On Thursday, the company's stock continued to plunge after announcing a buyback program. They plunged 21% further on Friday following an FT report that the company held talks to raise off balance sheet debt in order to fund growth.

NMC claimed those allegations were "based on false information."

77 year old Bavaguthu Raghuram Shetty founded NMC in 1975 after moving to Abu Dhabi from India. The company is now the largest healthcare provider in the UAE. 

Source: Bloomberg

Shares of Finablr are also down 19% since Block's attack on NMC. Shetty founded Finablr in 2018 to consolidate his finance brands. He listed the company on the London Stock Exchange this year and his family's stake in Finablr is worth about $1 billion. 

Muddy Waters did not disclose the size of their short position, but with NMC stock down about 40% since releasing his report, it's safe to say that Block's week likely hasn't been as Shetty. 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!