Metropolis Healthcare (MHL) shares hit a new 52-week low of Rs 1,475, down roughly 2% on the BSE on Tuesday. The stock has dropped 7% in the previous two days on reports that the healthcare services provider’s promoters seek to sell a portion of their stake.

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MHL’s stock price has dropped 27% in the last month, compared to a 0.32% drop in the S&P BSE Sensex. In the last six months, the stock has more than halved, or dropped 55%, compared to a 10% drop in the benchmark index.

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GSK Velu, the founder of Trivitron Healthcare, is in negotiations with a number of investors, including two significant private equity groups and a half-dozen banking firms, to fund his offer for the diagnostics chain, reported Economic Times.

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MHL, a diagnostics chain with operations in India and Africa, was reported by Bloomberg last month as wanting to raise more than $300 million and bring on a strategic partner by selling a minority stake.

Metropolis, on the other hand, stated on Monday after market hours that its promoters had no plans to leave the company.

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“The company is continuously exploring various strategic options/investment opportunities. On account of which the company keeps receiving inbound interest from financial institutions and companies part of the healthcare eco-system for a potential minority stake purchase in MHL,” the company said in the exchange filing.

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“The company, its promoters and management team are committed to operating Metropolis Healthcare Ltd with the highest standards of medical science, stakeholder trust and customer engagement,” the company said.

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On April 15, 2019, Metropolis made its stock market debut. The company raised Rs 1,204 crore by issuing shares at Rs 880 per share. On December 30, 2021, the stock reached an all-time high of Rs 3,579 and a record low of Rs 904.85 on May 14, 2019.