Meanwhile, the S&P BSE Sensex was down 123.17 points or 0.46% at 26,640.29.

On BSE, so far 1.06 lakh shares were traded in the counter as against average daily volume of 16,061 shares in the past one quarter. The stock hit a high of Rs 455.25 and a low of Rs 401 so far during the day. The stock had hit a record high of Rs 585.75 on 20 November 2015. The stock had hit a 52-week low of Rs 303 on 25 February 2016. The stock had outperformed the market over the past one month till 9 June 2016, gaining 13.9% compared with Sensex's 4.18% rise. The scrip had also outperformed the market in past one quarter, advancing 32.94% as against Sensex's 7.94% rise.

The large-cap company has equity capital of Rs 53.40 crore. Face value per share is Rs 2.

According to reports, the brokerage believes that India's life insurance industry has attractive growth potential given under-insurance and demographic changes. Max Financial Services is the holding company of Max Life Insurance, a life insurance joint venture between the Max Group and Mitsui Sumitomo Insurance Co. Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the leading general insurers in the world.