Max India up over 10% on buzz Japanese firm eyes stake in JV

Shares of Max India rose sharply by over 10 per cent today amid reports that Japan's MS&AD Insurance may buy 26 per cent stake in a joint venture between New York Life and Max India for about USD 540 million (over Rs 2,700 crore).

Following the buzz, shares of the company started the trade on a robust note and further gained 10.22 per cent to touch an early high of Rs 207.50 on the BSE.

Similar buying activity was seen at the NSE, where the stock soared 10.27 per cent to Rs 207.60.

According to reports, Japan's MS&AD is close to buy 26 per cent stake in a joint venture between New York Life and Max India for about USD 540 million.

The reports said that MS&AD Insurance Group, Japan's largest property-casualty insurer by revenue, is among the industry's most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond weak home market.