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

Today, shares of Max Financial Services plummeted by about 3 percent in response to news that a block deal involved the transfer of more than 2 percent of the company's equity. The total value of the transaction was 471 billion rupees. On the BSE, Max Financial shares dropped 2.75 percent to 680.15 rupees, compared to their price at the previous closing bell of 699.45 rupees.

The company's market valuation reached a new low of Rs 23,8632 crore. The stock started the day off at a lower price of Rs 687.50. There is a gap between the current price of Max Financial shares and the 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

The price of Max Financial stock has decreased by 28.38 percent over the past year and by 29.31 percent during the course of 2022. On January 11, 2022, the share reached a 52-week high price of 1081 rupees, and on November 23, 2022, it reached a 52-week low price of 627.80 rupees.

On the BSE, a total of 12.57 lakh shares of the company were traded, which resulted in a turnover of 85.89 crore rupees. The stock price of Max Financial has been on a downward trend for the past two trading sessions.

While everything is going on, Emkay Global has a bullish outlook on Max Financial stock and has set a target price of Rs 930.

The recommendation was made on December 14, when the price at the end of the day was Rs 706.4. That pricing indicated that there would be a gain of 31.72 percent.

As a result of the double whammy of slowing growth and postponing the simplification of the structure, as well as the delay and penalty from the regulatory end, the company's shares have significantly underperformed the general market and their competitors. Company shares are currently selling at a P/EV for FY24E of 1.6x, which means they are attributing a very little (implied 6x FY25 VNB) amount of structural value to such a successful business. According to the opinion of the brokerage, "after Max Financial achieves progress in structure simplification and shows resurgence in growth, its share price should observe sustained re-rating," but this won't happen until later. Emkay Global said.

The company's net profit for the September quarter increased by 29% to 51.29 crore, as compared to the net profit of 39.63 crore that it reported for the same period of the previous fiscal year.

In the second quarter of this fiscal year, sales were unchanged at 9316 crore, compared to 9325 crore in the same quarter of the previous fiscal year.

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