Medplus Health shares surge despite subsidiary’s suspension order

By Aditya Bhagchandani Published on February 26, 2024, 11:31 IST

Medplus Health Services saw its shares climb by 3% in early trade on February 26, despite its subsidiary facing a suspension order from the Drugs and Control Authorities of Mahabubnagar, Telangana.

As of 11:27 am, Medplus Health Services shares were trading at ₹694.10 on NSE.

The assistant director of Drugs Control Administration in Mahabubnagar, Telangana, issued a temporary suspension of the drug license for a Medplus store in Wanaparthy, Mahabubnagar, for a period of nine days.

Medplus Health Services received the suspension order on February 23, estimating a potential revenue loss of Rs 1.63 lakh due to the temporary closure of the store. Despite this setback, the company’s shares managed to maintain an upward trend in early trading.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.