PI Opportunities Fund-I and SBI Mutual Fund Sell Stakes in MedPlus Health Services

Mumbai: Two leading mutual funds, PI Opportunities Fund-I and SBI Mutual Fund (SBI MF), sold a significant portion of their stakes in healthcare services provider MedPlus Health Services worth ₹552.55 crore in a block deal on the National Stock Exchange (NSE) on Monday.

The sale, which saw both funds dispose of 78.93 lakh shares each at ₹700 apiece, reflects growing concerns in the market about the company's ability to manage its operations and finances amidst increasing competition in the healthcare sector.

As of September 30, PI Opportunities Fund-I held a 5.77% stake in MedPlus Health Services, while SBI MF owned 4.88% through its SBI Long Term Equity Fund. The sale was driven by several institutional buyers, including Franklin Templeton Mutual Fund, Invesco Mutual Fund, Kotak Mahindra Mutual Fund, and Morgan Stanley Asia Singapore Pte.

In spite of the significant stake sale, shares of MedPlus Health Services rose 2.1% to close at ₹719 on Monday. Over the past month, the company's shares have moved up 5.46%, while the broader BSE 500 Index has slipped 6.58%. The strong performance of MedPlus Health Services is a concern for market pundits, who will be watching closely how the company manages its finances in the coming months.

In this context, analysts say that investors would remain cautious about the stock until the company demonstrates a more compelling track record of growth and profitability.