The shares of Max Financial tumble 3% on news of a block deal.

Today, shares of Max Financial Services plummeted over 3% on reports that more than 2% of the company's stock changed hands in a block transaction. The deal was valued 471 billion rupees. On BSE, Max Financial shares fell 2.75 percent to Rs 680.15 from the previous closing of Rs 699.45.

The company's market cap decreased to Rs 23,863.2 billion. The share price opened lower at Rs 687.50. The share price of Max Financial is trading below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

Max Financial stock has lost 28.38 percent during the past year and 29.31 percent in 2022. On January 11, 2022, the share reached a 52-week high of Rs 1081, and on November 23, 2022, it reached a 52-week low of Rs 627.80.

On BSE, a total of 12,577,000 shares of the company changed hands, resulting in a turnover of Rs 85.89 crore. Shares of Max Financial have declined for the past two trading sessions.

Meanwhile, Emkay Global has a price target of Rs 930 for Max Financial stock.

On December 14, when the closing price was Rs 706.4, the call was made. According to that price, the anticipated gain was 31.72%.

Due to the twin whammy of declining growth and delays in structure simplification, including the delay and penalty from the regulatory end, the company's stock has lagged the broader market and its competitors by a significant margin. Currently trading at a P/EV of 1.6x for FY24E, firm shares ascribe very little structural value (implied 6x FY25 VNB) to such a great 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 growth recovery. Emkay Global said.

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

Comparing the second quarter of this fiscal year to the second quarter of the previous fiscal year, sales were unchanged at Rs 9316 crore.

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