Meanwhile, the S&P BSE Sensex was down 351.44 points, or 1.02%, to 34,061.72.

On the BSE, 19,732 shares were traded in counter so far compared with an average volume of 69,833 shares in the past one quarter. The stock had hit a high of Rs 530 and a low of Rs 510 so far during the day. The stock had hit a record high of Rs 683.20 on 16 May 2017. The stock had hit a 52-week low of Rs 500 on 6 February 2018.

The stock had underperformed the market over the past 30 days till 8 February 2018, falling 11.8% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 4.71% as against Sensex's 3.6% rise. The scrip had also underperformed the market in past one year, shedding 16.11% as against Sensex's 21.64% rise.

The large-cap company has an equity capital of Rs 53.68 crore. Face value per share is Rs 2.

Separately, the company's board of directors approved raising of funds for an aggregate amount of upto Rs 5000 crore, including by way of a preferential issue/qualified institutional placement, in one or more tranches and at such time as may be deem fit by the investment and finance committee of the company.

The fund raising is for the purpose of making investments in its subsidiary, Max Life Insurance Company. The investment would enable Max Life to drive growth through acquisition opportunities.

Max Financial Services is a part of the Max Group and the holding company of Max Life Insurance, India's largest non-bank, private life insurance. Max Life is a joint venture with Mitsui Sumitomo Insurance (MSI), a Japan-headquartered global leader in life insurance.