Shares of the BSE200 company Max Financial Services after a positive opening slipped in the red in the afternoon trade. At around 11:48 am, shares of the life insurance company traded down by 1 per cent at Rs 1,042.4 per share on the BSE.
The losses in the stock are triggered even as the domestic mutual fund house via an open market offer upper its stake in the entity.
HDFC Mutual Fund in its recent bid in the stock has taken an additional bet of 2.005 per cent, with its stake now at 9.019 per cent from the earlier 7.014 per cent as of the December quarter.
In the December quarter, DIIs or domestic institutional investors reduced their stake to 42.69 per cent from the earlier 43.99 per cent.
On the contrary, foreign institutional investors or FIIs upped their stake to 47.5 per cent in the December quarter as against 46.23 per cent in the September.
Max Financial Services share price performance
Shares of the life insurance company in the last one year have gained 8 per cent, while on a year-to-date basis has fallen as much as 7 per cent.
