Max Financial share price hits 52-week high on Axis Bank stake buy. Logs 12% intraday gain

Stock market today: Max Financial share price jumped to the tune of 12 per cent in morning trade on Axis Bank stake buy. Axis Bank said in a public announcement that it will raise its stake in Max Life to 16.22% from 9.99% by infusing ₹1,612 crore through a preferential allotment of shares. Meanwhile, Axis Bank shares opened flat with a negative bias. At the time of writing this story, Axis Bank share price was at ₹947.45, down ₹2.85, or 0.30%.

Max Financial share price opened at ₹818 apiece on NSE against yesterday's closing price of ₹789.8 per share. The Max Financial Services shares further gained to touch intraday high of ₹886.55 levels, which is new 52-week high on NSE. At the time of writing this copy, Max Financial share price was at ₹879.70, over 11 per cent higher from its yesterday's close.

Max Life Insurance is a subsidiary of Max Financial Services.

Axis Bank, along with its entities (Axis Securities and Axis Capital), had acquired a 12.99% stake in Max Life in 2021, and through this new investment, they will own 19.02% in the insurer.

Max Financial share price history

After bottoming out in last week of March 2023, Max Financial share price has been in continupus uptrend. After bottoming out at around ₹620 apiece levels in last week of march this year, Max Financial share price today climbed to a new 52-week peak of ₹886.55 apiece levels, logging more than 40 per cent rise in the new financial year or in current fiscal. In YTD time, this financial share has delivered to the tune 30 per cent return to its positional long term investors as it has risen from around ₹680 to ₹886 per share levels in this time.