Max Financial shares are down 3% following reports of a block deal.

Max Financial Services shares tumbled over 3% today after news that more than 2% of the company's equity changed hands in a block sale. The transaction was worth 471 crore. Max Financial shares down 2.75% to Rs 680.15 on the BSE, from a previous close of Rs 699.45.

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

Max Financial's stock has lost 28.38 percent in a year and will lose 29.31 percent in 2022. On January 11, 2022, the share reached a 52-week high of Rs 1081 and a 52-week low of Rs 627.80 on November 23, 2022.

On the BSE, a total of 12.57 lakh shares of the company changed hands, resulting in a turnover of Rs 85.89 crore. For the past two sessions, Max Financial shares have been declining.

Meanwhile, Emkay Global has a target price of Rs 930 on the Max Financial stock.

The call was issued on December 14 at a closing price of Rs 706.4. According to that price, the upside was 31.72%.

The company's shares have lagged the broader market and peers due to the double whammy of declining growth and delays in structure simplification, including the delay and penalty from the regulatory end. Currently trading at 1.6x FY24E P/EV, firm shares are attributing very little structural value to such a great franchise (implied 6x FY25 VNB). According to the brokerage, once Max Financial makes success in structure simplification and shows a rebound in growth, its share price should see sustained re-rating." According to Emkay Global.

The company recorded a 29% increase in September quarter net profit to Rs 51.29 crore, up from Rs 39.63 crore in the previous fiscal's corresponding quarter.

Sales were flat in Q2 at Rs 9316 crore, compared to Rs 9325 crore in the previous fiscal's corresponding quarter.

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