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Max Financial Services Ltd. shares are in focus after the stock counter saw 2 percent of the company’s equity changing hands in multiple large deals on Wednesday.

According to bulk deals data, almost 69.38 lakh shares of the company changed hands on bourses taking the total transaction size to around Rs 471 crore.

The Max Financial stock on Wednesday slipped as much as 2.7 percent in early trade to hit an intra-day low of Rs 680.15.

Last month, CNBC TV-18 reported that Max Financial Services promoter Analjit Singh was exploring options for a possible sale of his stake in the company.

Sources said that Singh, who owns a 14.72 percent stake in Max Financial, is in talks with private equity and strategic investors. Singh was likely to value the company at a Rs 27,000 crore valuation, according to the report. A significant dilution of his stake could also trigger an open offer for the company.

In response to CNBC-TV18’s queries, Max Financial Services said that Analjit Singh remains engaged and invested in the company and is looking forward to the company’s growth.

Mitsubishi Sumitomo Insurance owns a 21.8 percent stake in Max Financial Services, while Axis Bank is the co-promoter of Max Life Insurance with a 12.99 percent stake.

Last month, the Insurance Regulatory and Development Authority of India (IRDAI) approved Max Financial Services’ proposals to purchase the balance 5.17 percent stake held by Mitsui Sumitomo Company Ltd. (MSI) in Max Life Insurance. Following the transaction, Max Financial’s shareholding in Max Life would increase to 87 percent.

Shares of Max Financial Services are trading 0.66 percent lower at Rs 695.05.

(Edited by : Rukmani Krishna)