Max Financial shares drop up to 2.5% amid ₹1,637-crore block deal; check details

According to reports, around 1.5 crore equity shares, representing a 4.3% stake in the company, changed hands in a block deal. The identity of the buyers and the sellers involved in the Max Financial Services block deal was not known immediately.

Stock exchanges will update about the average share price and details of the buyers and sellers after market hours.

On the NSE, Max Financial Services' share price dropped 2.49% to a low of ₹1,105 per share. More than 1.96 crore shares of the company changed hands on the bourse, and the traded value stood at ₹2,179.16 crore.

Max Fin shares later trimmed losses to trade 1.34% lower at ₹1,118 apiece on the NSE at 12.15 pm.

The stock also dropped more than 2% on BSE to hit a low of ₹1,106.75 per share. Max Financial later pared some losses to trade 0.96% down at ₹1,122 per share.

Promoter and promoter group entities of the life insurance company hold a 6.52% stake, or 2,25,16,256 shares, in the company.

Public shareholders have a 93.48% stake in the company. Mitsui Sumitomo Insurance Company Limited is the single-largest public shareholder with a 21.86% stake as of June 2024.

Max Financial shares hit a 52-week high of ₹1,152.95 on the NSE on September 4, 2024. The stock traded at a year-high of ₹1,153.05 on the BSE on Wednesday (September 4). The stock has gained around 21% in the past year, and so far in 2024, shares are up 16%.

Max Financial reported a 45.18% jump in net profit to ₹127.29 crore for the April-June quarter compared to ₹87.68 crore in the year-ago period.

Sales rose by 28.69% to ₹11,798.84 crore in the first quarter of FY25 from ₹9,168.12 crore in the year ago period.