Bhavdeep Singh joined Fortis Healthcare in 2015 as a CEO at a salary of Rs. 3.91 crore. According to company's annual reports, Singh's pay has risen more than fourfold between July 2015 and March 2017 even as the company’s financial health is declining. Singh was also paid a joining bonus of Rs. 7.23 crore and as many as 2.5 million stock options.
Fortis had started to see losses from 2014-15 when the company posted a loss of Rs. 34 crore for the first time after 2008-09.
Singh's pay increase poses a lot of questions as, under his stewardship, Fortis reported losses of Rs. 73.5 crores and Rs. 74.7 crores in 2015-16 and 2016-17, respectively.
However, Fortis declined the report by stating that the assertion is factually incorrect as there is a typo in the FY16-17 annual report with a wrong number which has grossly overstated Singh’s income. The spokesperson was quoted in media saying, "We are aware of this and a correction will be published in the upcoming 17-18 report. In reality, his income has gone up 6 to 8% in each of the last two years which is very much within the norms (if not lower) of the country today.”