NMC HEALTH's stock price plummeted yesterday after it emerged two of its controlling shareholders were looking to offload $490m (£373.5m) of shares.

Shares in the healthcare firm closed down almost 16 per cent as the market reacted to a statement saying Mohamed al-Qebaisi and Khalifa Butti al-Muhairi were looking to offload their substantial holdings in NMC.

The pair's statement about the sale came just a month after a damning report from US shortseller Muddy Waters.

The short-seller said it had "serious doubts" about NMC's financials statements, including its asset values and reported profits and debts. This was branded "false and misleading" by NMC.

Nevertheless, the attack by Muddy Waters halved the company's share price and wiped £2.7bn off its market value.

The decision of al-Qebaisi and al-Muhairi to sell off their shares has now plunged the company into further turmoil.

(c) 2020 City A.M., source Newspaper