India's top hospital chain Apollo Hospitals Enterprise Ltd has dropped plans to buy some

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hospitals of privately held Wockhardt Hospitals

due to differences in valuation, Managing Director Preetha Reddy said on Wednesday.

"The premium they were charging did not make any sense for us, particularly in the locations, since we already have a significant presence in those locations," Reddy told reporters at a media briefing.

Wockhardt was offering a basket of hospitals in three cities - Mumbai, Bangalore and Kolkata, she added. Wockhardt Hospitals, promoted by the founders of Wockhardt Ltd, has been trying to raise money through an equity sale since its initial public offer was withdrawn last year on poor investor response.