Shares of Max Financial fall 3% after news of a block deal.

Shares of Max Financial Services fell by almost 3% today after news that a block deal involved more than 2% of the company's stock. The deal was valued 471 billion rupees. Max Financial shares dropped 2.75 percent, from Rs 699.45 to Rs 680.15 on BSE.

The company's market value dropped to Rs 23,8632 crore. The stock started out lower, at Rs 687.50. Shares of Max Financial are trading lower than their 5, 20, 50, 100, and 200-day moving averages.

Max Financial stock has dropped by 28.38% in a year and by 29.31% in 2022. On January 11, 2022, the share hit a 52-week high of Rs 1081, and on November 23, 2022, it hit a 52-week low of Rs 627.80.

On BSE, 12.57 million shares of the company changed hands, which brought in Rs 85.89 crore. Shares of Max Financial have been going down for the last two days.

Emkay Global, on the other hand, is optimistic about the Max Financial stock and has set a price goal of Rs 930.

The call was made on December 14, when the price was Rs 706.4 at the end of the day. Based on that price, the up side was 31.72%.

The company's shares have done much worse than the rest of the market and its peers because growth has been slowing and structure simplification has been put off. The delay and penalty from regulators have also hurt. With an FY24E P/EV of 1.6x, company shares are giving a strong brand very little structural value (implied 6x FY25 VNB) at the moment. According to the brokerage's view, Max Financial's share price should see a steady re-rating once the company makes progress in simplifying its structure and sees a return to growth. Emkay Global said.

The company's net profit for the September quarter went up by 29%, from Rs 39.63 crore to Rs 51.29 crore. In the same quarter of the previous fiscal year, the net profit was Rs 39.63 crore.

In Q2, sales were the same as in the same quarter of the previous fiscal year, at Rs 9316 crore.

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