The MAX India stock continued to fall for the second consecutive session after the firm sold 51% stake in Max Bupa Health Insurance.
The MAX India stock opened with a gain of 4.84%, touched an intraday low of Rs 66.80 (6.38 percent) against an intraday high of Rs 74.80 (4.84 percent).
The stock has reached its month's as well as its week's low today of Rs 66.80. It has fallen around 16 percent over the last two days and almost 11 percent in last one week.
With the volume 13.4 percent rising compared to 5 day average volume of 12.39 lacs, the share today clocked volume of 1.46 lacs and 13.56 lacs in BSE and NSE respectively.
The stock has traded lower to its 5 day, 10 day, 100 day and 200 day moving average. There is high volatility noticed in the stock and it is trading in a wide range of 8 points .
The 51% stake in 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)