Max India slips over 7% from day's high

The stock slipped over 7% from the day's high to end at Rs 230, up just 1%. Over 360,000 shares changed hands at the counter today.
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(Updated at 1156 hrs)

Max India has surged over 4% on talks of selling stakes to its foreign partner.

The stock opened 3.5% higher at Rs 235. It surged 9.5% to a high of Rs 249 and is currently trading at Rs 237, up 4.5%. Around 124,000 shares have been traded on the BSE so far.

The company is in talks with its foreign partner, New York Life International to divest 23% out of its 74% shareholding in Max New York Life Insurance. The transaction is awaiting the Insurance Bill amendment and can be hoped to be complete in six months.

Under the agreement, the foreign partner has the right to increase its holding to 49%, subject to changes in the legal system, at a 10 per cent discount to the fair market price by the Indian promoters.