Max Financial Services falls over 12% on reports of merger delay

The scrip opened at Rs 616 and has touched a high and low of Rs 616 and Rs 541 respectively

Shares of Max Financial Services fell as much as 12.2% to Rs 541 on merger delay with HDFC Life. Business Standard earlier reported that HDFC Life was getting back into the IPO mode since getting regulatory approvals for a merger with Max Life was taking an inordinate amount of time. Click here for full story
 
The merger of HDFC Life and Max Life, which was announced in August 2016, ran into rough weather after the Insurance Regulatory and Development Authority of India (Irdai) sent it to the attorney general (AG) for approval.
 
According to the three-stage