Max Financial Services shares hit record high post IRDAI approval to Axis entities for stake in Max


Shares of Max Financial Services hit a record high on Thursday, a day after the company announced it has received a formal approval by the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of up to 12 percent stake in Max Life Insurance by Axis Bank and its subsidiaries – Axis Capital and Axis Securities (together Axis Entities).

Max Financial Services stock hit a 10 per cent upper circuit to Rs 938.65 apiece, also its record high on the BSE earlier in the day. On NSE, it touched a 52-week high of Rs 953.70 per share in the early trade.

Meanwhile, the share of Axis Bank rose as much as 4.29 percent to its intraday high of Rs 780.85 per share on the BSE, while on NSE, it climbed 4.22 per cent to Rs Rs 781.00 so far in the intraday trade.

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