India's Max Financial hits 1-1/2-year low after penalty on insurance unit

Max Financial Services

14/10/2022 11:07

** Shares of financial services co Max Financial Services
 MAXI.NS  fall as much as 10% to 665.55 rupees, biggest intraday
pct drop since April 2020
    ** India's insurance regulator levied a penalty of 10 mln
rupees ($121,355.54) on co's insurance unit, Max Life Insurance,
for making undue gains by way of transaction of shares
 urn:newsml:reuters.com:*:nFWN31F01A
    ** MAXI shares hit lowest since Feb 2021
    ** Insurance regulator also levied a penalty of 20 mln
rupees on Axis Bank  AXBK.NS  for undue gains made via
transactions in Max Life Insurance shares and noncompliance of
directions  urn:newsml:reuters.com:*:nFWN31F11A
    ** AXBK erased earlier gains to end down 0.2%
    ** About 5.4 mln MAXI shares change hands, 11.6x 30-day avg
of 462,492 shares
    ** MAXI shares down 25.6% YTD, as of last close
($1 = 82.4025 Indian rupees)
 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))