MAX India fell almost 14 percent from its previous close of Rs. 82 to intraday low of Rs. 71, after the company, announced that the Board has approved selling 51 percent stake in Max Bupa Health Insurance for Rs 510 crore to True North.
The fall of Wednesday's intraday is lowest for the week as well as the month. The stock opened at a price of 83 points and made intraday high of 84 points before the fall.
The stock tops the loser list in BSE and in the all securities section in NSE. The share is being traded at a volume of 3.4 lacs and 43 lacs on BSE and NSE, respectively.
The share price fell almost 25 percent over one year and around 5 percent in the last week.
Max India has moved below its 30 day, 50 day, 150 day and 200 day simple moving average on both the exchanges today
The 51% stake of Max Bupa Health Insurance Company (Max Bupa), has been sold to the leading Private Equity firm True North. The all-cash transaction values Max Bupa at an enterprise value of Rs 1001 crore and is subject to requisite regulatory approvals. As per sources, True North will nominate directors on Max Bupa's Board, while Max India's nominated directors will step down.
( Edited by Rupa Burman Roy)