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Irdai's no to HDFC-Max merger could impact sector valuations

The much-discussed synergy for the two life insurance entities might take longer to accrue

Hamsini Karthik  |  Mumbai 

Max Financial Services' stock has shed about six per cent in the past two trading sessions, after the Insurance Regulatory and Development Authority of India (Irdai) rejected the proposed merger of Max Life Insurance and HDFC Standard Life Insurance. The grand merger announcement last June had led to significant re-rating in the stocks of their parent companies, HDFC and Max Financial Services. At the time, both stocks were languishing at their 52-week low. News of the merger gave the shares a needed boost on the bourses. These gained 28-41 per cent, with Max Financial hitting ...

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First Published: Tue, June 13 2017. 03:06 IST
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