Indraprastha Medical Corp stock hits lower circuit; Apollo Hospitals trades in green amid allegations of kidney transplant malpractices

Indraprastha Medical Corp Share Price: Despite giving the clarification on allegations of kidney transplant scam, the episode is costing dearly to Indraprastha Medical Corp (IMCL) as the company's shares touched the lower circuit on BSE on Wednesday (December 6). Apollo Hospitals' stock, on the other hand, seems to have no impact as it was trading higher in morning hours.

Indraprastha Medical Corp's stock hit a lower circuit in early morning deals as it was down 4.98 per cent, or Rs 9.95, at Rs 189.75.

Apollo Hospitals, however, was trading higher by 0.69 per cent, or Rs 38.45, at Rs 5611.30 at 9:42 am.  

UK's Telegraph newspaper followed by media groups in India alleged Indraprastha Medical Corp of involving in malpractices related to the kidney transplant programme at the company.

In a statement on Tuesday, IMCL said, "IMCL is an associate of Apollo Hospitals Enterprise Limited and is listed separately on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). All allegations pertaining to the transplant program in the said news story are limited to the program in New Delhi.

"At the outset, it is reiterated that IMCL considers compliance with all laws including the Transplantation of Human Organs and Tissues Act, 1994 as sacrosanct. As part of India’s largest integrated healthcare system, we have a commitment towards following the law in letter and in spirit."  

The company has started investigating all aspects of the transplant process.

It says it does not seek unrelated donors nor does its representative have the right to do so.