Max Financial Services shares surged over 15 percent to touch a fresh 52-week high of Rs 597.60 on Thursday ahead of crucial board meeting to consider stake sale plan.

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At 11:40 am, the stock was trading at Rs 561.40, up 8.70 percent, on the BSE.

Earlier, CNBC-TV18 reported that Max Financial Services and Max Life Insurance have called a joint board meeting on Thursday to discuss the sale of Max Group chairman Analjit Singh's stake in a group company.

The boards of the two companies are likely to discuss a proposal under which Axis Bank is expected to acquire a part stake belonging to Singh in Max Financial Services, people aware of the development told CNBC-TV18.

Singh, the chairman of Max Group, owns 28.31 percent stake in Max Financial Services; and 71.54 percent of his holding in the company is pledged.

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