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Max Financial slumps to a 52-week low after 1.55% equity changes hands

Max Financial slumps to a 52-week low after 1.55% equity changes hands

Max Financial slumps to a 52-week low after 1.55% equity changes hands
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By CNBCTV18.com Nov 22, 2022 2:42:05 PM IST (Published)

Buyers and sellers of the transaction are not known yet.

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Shares of Max Financial Services fell to a 52-week low on Tuesday after 1.55 percent of the company's equity exchanged hands in a single large trade.
53.45 lakh shares of the company were exchanged at Rs 649 apiece, according to data available. The transaction size was worth Rs 347 crore.

Buyers and sellers of the transaction are not known yet.

For the quarter that ended in September 2022, the life insurer reported a 30 percent growth in its net profit compared to last year, led by reduced tax expenses.

Consolidated revenue for the first half of the current financial year increased 12 percent year-on-year while net profit rose 56 percent from the first half of last year.

Shares of Max Financial Services recovered from the day's low but are still trading 1.5 percent lower at Rs 649.25. The stock has declined nearly 37 percent this year so far, and has underperformed most of its peers.

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