Healthcare Stock Park Medi World Reaches New Record High Amid Market Turmoil

Park Medi World Share Price Hits Record High Amid Broader Market Decline

Park Medi World share price rallied over 2% to hit a record high on Tuesday, extending its gains for the second session in a row. The company's shares gained as much as 2.16% to a new high of ₹245.40 apiece on the BSE.

The gains in Park Medi World share price come amid a sharp fall in the broader Indian stock market today. The benchmark indices, Sensex and Nifty 50, dropped over 0.7% each amid strong selling across the board.

Park Medi World announced that its subsidiary, Park Medicenters & Institutions Private Limited, has decided to incorporate a wholly-owned subsidiary in the name and style of "Healplus Medical Services Private Limited" or "Healplus Healthcare Private Limited" or such other name as may be approved by the Ministry of Corporate Affairs for the purpose of undertaking healthcare and ancillary services. The company holds 81.81% equity shareholding of Park Medicenters & Institutions Private Limited.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The proposed entity will be a wholly-owned subsidiary of Park Medicenters & Institutions Private Limited and will be dealing in the healthcare sector.

Park Medi World share price has gained significantly from its issue price and listing price. The hospital stock has delivered 62% returns on a year-to-date (YTD) basis. Park Medi World shares had made a soft debut in the Indian stock market on December 17, listing at ₹158 per share on the NSE, a discount of 2.5% to its issue price of ₹162. On the BSE, Park Medi World had opened with a 3.95% discount at ₹155.60 apiece.

At 11:00 AM, Park Medi World share price was trading 0.81% higher at ₹242.15 apiece on the BSE.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline