Max India sells stake in insurance biz; stock rallies

Shares of Max India rose sharply after ET Now reported that the company has sold 26 per cent stake in Max New York Life, a joint venture with New York Life, to Mitsui Sumitomo for Rs 2700 crore.

The stock was at 205.90, up 9.38 per cent on the BSE. It touched a high of Rs 207.50 and low of Rs 192.50 in trade so far.

According to reports, Max India will hold a midia briefing at 3 p.m. (IST) later today in New Delhi.