Max India shares hit 20% upper circuit, stock up 30% in 3 days; Here's why

Shares of Max India soared to hit the 20 per cent upper circuit on Wednesday after announcing a ₹125 crore fund raise and a reclassification of a shareholder from the 'promoter' to a 'public' category. 

 

Max India stock rose as much as 20 per cent during the day to hit an upper circuit of ₹240.49 per share, the best intraday session since August 29, 2022. The stock pared gains to trade 16.25 per cent higherat ₹233.38 apiece, compared to a 0.15 per cent decline in Nifty 50 as of 10:33 AM. 

 

Shares of the company has risen by 30 per cent in the last three days. However, the counter has fallen 13 per cent this year, compared to a 1.2 per cent fall in the benchmark Nifty 50. Max India has a total market capitalisation of ₹1,026.09 crore, according to BSE data.  

 

In its board meeting, Max India approved raising ₹125 crore through the issuance of equity shares of face value ₹10 each by way of rights issue. The detailed terms to the rights issue including but not limited to issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course, it said. 

 

Further the board received a request from Neelu Analjit Singh, among the 'Promoter and Promoter Group', holding 20,000 equity shares to reclassify her status to 'public' category.  

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In January this year, Analjit Singh, founder and chairman of the Max group, and his estranged wife Neelu Singh reached a global settlement ending nearly a three-year long dispute. The statement said that the settlement agreement executed between Neelu Analjit Singh and Analjit Singh for segregation of their assets, confirming continued control of the company Analjit Singh and other existing promoters.  

The fact that Neelu Analjit Singh is no longer classified as the spouse' of Analjit Singh, as the marriage between them was dissolved by an order of the Patiala House Court dated February 19, 2025, it said. 

 

Max India is now the holding company of Max Group's Senior Care business Antara an integrated service provider for all senior careneeds. The Company is engaged in the activity of making holding and nurturing its investments in various businesses/ activities and also provides management consultancy services to group companies.