NMC Health knows 'no specific reason' for Monday's slump

Following a more than 20% slump in its share price the day earlier, NMC Health said on Tuesday that it was not aware of any specific reason for the fall.

The UAE-based private healthcare operator said the independent review being undertaken by former FBI director Louis Freeh and his risk management firm was "proceeding".

"The company's operations continue to perform strongly and the company expects to report full-year 2019 results in-line with management's expectations," it said.

NMC appointed Freeh last month to look into allegations by US research firm and short-seller Muddy Waters, after it accused the group at the end of last year of manipulating its balance sheet to understate debt, among other things.

The sharp decline in NMC shares on Monday coincided with weakness in shares of Travelex owner Finablr, which shares a chair and founder with NMC.

Earlier last month, NMC shares tanked after two controlling shareholders - Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi and Khaleefa Butti Omair Yousif Ahmed Al Muhairi - sold off stakes in the company worth £375m.

At 0835 GMT, the shares were up 8.1% at 1,120p.