Max Financial Services shares plummeted nearly 3% today amid reports of a block deal. 471 crore rupees were exchanged. Max Financial shares dropped 2.75 percent to Rs 680.15 on BSE.
Market cap dropped to Rs 23,8632 crore. The stock opened at 687.50 rupees. Max Financial shares are below 5-, 20-, 50-, 100-, and 200-day moving averages.
Max Financial stock fell 28.38% in a year and 29.31% in 2022. On January 11, 2022, the share achieved Rs 1081 and on November 23, 2022, it hit Rs 627.80.
BSE saw 12.57 lakh shares change hands, totaling Rs 85.89 million. Last two sessions, Max Financial shares fell.
Emkay Global has a Rs 930 price target for Max Financial.
The call was made at Rs 706.4 on December 14. The upside was 31.72%.
The company's shares have lagged the market and rivals due to declining growth and deferred structure simplification, including a regulatory delay and penalty. At 1.6x FY24E P/EV, firm shares ascribe very little (implied 6x FY25 VNB) structural value to a solid franchise. According to the brokerage, Max Financial's share price should see a sustained re-rating once structure simplification and growth revive. Emkay stated.
The company's September quarter net profit rose 29% to Rs 51.29 crore from Rs 39.63 crore in the prior fiscal year.
Q2 sales were flat at Rs 9316 crore compared to Q2 last year.
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