Max Financial falls 8.5% on report of merger delay

Fall offers attractive entry, feel analysts

The share price of Max Financial Services, holding company of Max Life Insurance, declined as much as 13 per cent in Wednesday’s trade amid news reports that its merger with HDFC Life could be delayed further. Reports suggested the deal proposal was returned by the attorney general to the Insurance Regulatory and Development Authority of India (Irdai) without any comment. The Street, on the other hand, was expecting a go-ahead. A decision on the merger now rests with the insurance regulator.

Notably, after dipping sharply to a low of Rs 541 intra-day on Wednesday, the scrip recovered some lost ground and