Max Financial shares surge 4%, Axis Bank slips 2% on strategic partnership

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Shares of Max Financial Services jumped over 4 percent while those of Axis Bank declined over 2 percent in morning trade on BSE on February 24.

Both the stocks came on investors' radar after they entered into a confidentiality and exclusivity arrangement to explore a long-term strategic partnership.

Axis Bank, Max Financial Services Limited (MFS) and its subsidiary Max Life Insurance Company Limited (Max Life) on February 20 signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life.

"Max Financial Services and Axis Sank have entered into a confidentiality and exclusivity arrangement to explore a long-term strategic partnership, subject to receipt of applicable regulatory approvals and corporate authorisations, satisfactory completion of due diligence, and execution of definitive documentation," a regulatory filing by Max Financial said.

Max Life is currently the largest non-bank owned private life insurer in India, the company's BSE filing claimed. Max Financial Services presently holds a 72.5 percent stake in Max Life while Mitsui Sumitomo Insurance and Axis Bank hold 25.5 percent and 2 percent stake, respectively.

Shares of Max Financial Services were 4.06 percent up at Rs 588 while those of Axis Bank was 1.36 percent down at Rs 733.80 on BSE around 10:00 hours IST.