Macquarie Downgrades Apollo, Max Healthcare: Shares Plummet, Further Decline Feared

• Global brokerage Macquarie downgraded Apollo Hospitals and Max Healthcare to 'underperform' ratings.
• Apollo Hospitals shares closed down 1.36% at ₹262.50, while Max Health fell 1.35% to ₹1016.90.
• Macquarie raised Apollo's target price to ₹6,230 but set Max Healthcare's target at ₹825, its lowest.
• Brokerage cites weaker 2025 performance and continued earnings pressure for 2026.
• Rapid capacity expansion in the hospital sector (6,000+ beds by FY2027) could lead to EBITDA decline.

Why It Matters: Macquarie's 'underperform' rating on Apollo Hospitals and Max Healthcare signals potential further stock declines.