Max India exits health insurance business; stock falls 8%

Shares of Max India slipped 8 per cent to Rs 75.80 apiece on the BSE in early morning trade on Wednesday on profit booking after the company said it has sold its entire 51 per cent stake in Max Bupa Health Insurance Co Ltd (Max Bupa) to private equity firm True North Fund VI LLP for over Rs 510 crore.

In the past three weeks, Max India has outperformed the market by surging 13 per cent, as compared to a 2 per cent decline in the S&P BSE Sensex till Tuesday.

Max India intends to utilize the proceeds to