The healthcare group's losses were due to a whipsawing Turkish lira, EPF cutting its stake and uncertainty over a plan to acquire Fortis Healthcare Ltd.
The troubles are adding up for IHH Healthcare Bhd, wiping almost US$800 million from its market value over three days.
The stock fell as much as 6.1% on Tuesday, the most since Aug 13, pushing its 14-day relative strength index into oversold territory for the first time since November. IHH may also be under pressure after the Employees’ Provident Fund sold 1.8 million of the company’s shares last week.
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