Following reports of a block sale, Max Financial shares decline 3%.

Today, shares of Max Financial Services plummeted roughly 3% on news that more than 2% of the company's stock was traded in a block transaction. The acquisition was valued at 471 billion dollars. On the BSE, Max Financial shares declined 2.75 percent to 680.15 rupees from their previous closing of 699.45 rupees.

The firm's market cap plummeted to Rs 23,863.2 billion. Previously, the stock opened at Rs 687.50, a decrease. Max Financial shares are trading below their 5-, 20-, 50-, 100-, and 200-day moving averages.

The share price of Max Financial has declined by 28.38 percent during the past year and by 29.31 percent in 2022. The stock's 52-week high was Rs 1081 on January 11, 2022, while its 52-week low was Rs 627.80 on November 23, 2022.

On the BSE, a total of 12,577,000 shares of the company were traded for a volume of Rs 85.89 crore. In the last two trading sessions, Max Financial shares have declined.

Meanwhile, Emkay Global has a Rs 930 price target on Max Financial shares.

The call was made on December 14, when the closing price of Rs 706.4 was in effect. This price implied a 31.72% increase in value.

Due to the double whammy of declining growth and delays in structure simplification, as well as the delay and penalty from the regulatory end, the company's stock has significantly underperformed the market and its peers. Currently selling at a P/EV of 1.6x for FY24E, the company's shares attribute extremely little (implied 6x FY25 VNB) structural value to such a powerful franchise. According to the brokerage's opinion, Max Financial's share price will undergo a sustained re-rating after the company achieves progress on structure simplification and sees a rebound in growth. Emkay Global said.

The company's September quarter net profit increased by 29% to Rs 51.29 crore, compared to Rs 39.63 crore in the same quarter of the prior fiscal year.

Comparing the second quarter of the current fiscal year to the second quarter of the previous fiscal year, sales were flat at Rs 9316 crore compared to Rs 9325 crore.

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