Max Financial surges 13% as Axis Bank tweaks Max Life Insurance deal terms

Shares of Max Financial Services zoomed 13 per cent to a fresh 52-week high of Rs 622 on the BSE on Tuesday after the company said that Axis Bank has reduced the size of the stake that it plans to buy in Max Life Insurance to 17 per cent from 29 per cent.

Axis Bank had initially planned to raise its stake in the insurer to 30 per cent for about Rs 1590 crore.

"Axis Bank now proposes to acquire 17.002 per cent of the equity share capital of Max Life, resulting in total ownership of 18 per cent post