Shares of MedPlus Health Services dropped over 3.6% on Monday, hitting an intra-day low of Rs 755.3 per share on the BSE. Later, the stock recovered slightly, trading 2.42% lower at Rs 765 per share. The company’s market capitalisation stood at Rs 9,166.43 crore.
The decline followed news that MedPlus subsidiary Optival Health Solutions Pvt. Ltd. received a suspension order for one of its drug licenses in Karnataka. The affected store, located at MG Road, Chikkamagalore, will remain closed for 15 days, causing an estimated revenue loss of Rs 10.15 lakh.
This isn’t the first suspension for the company. On October 9, a store in Vizianagaram, Andhra Pradesh, faced a seven-day suspension. Some stores in Chhattisgarh and Telangana also experienced temporary license suspensions. Despite these issues, CareEdge Ratings reaffirmed confidence in MedPlus, maintaining a ‘CARE A’ rating with a ‘Stable’ outlook.
MedPlus operates one of India’s largest pharmacy chains, with more than 4,230 stores across 600 cities in 10 states. Its operations span retail, wholesale, manufacturing, distribution, imports, and diagnostic services, strengthening its position in India’s healthcare retail market.
