Max Financial, Axis Bank gain up to 6% on Max Life Insurance deal

Axis Bank and Max Financial Services today announced the signing of definitive agreements to become joint venture partners in Max Life Insurance Company

Shares of Max Financial Services and Axis Bank were trading up to 6 per cent higher on the BSE on Tuesday after the private sector lender said it would acquire an additional 29 per cent stake in Max Life Insurance. Max Financial Services, Max Life's parent company, will hold the remaining 70 per cent in the joint venture.

At 01:53 pm, Max Financial Services was up 6 per cent at Rs 478 on the back of an over two-fold jump in trading volumes. The stock hit an intra-day high of Rs 492 after recovering 14 per cent from its