Max Financial drops nearly 3% as Q2 profit declines

NEW DELHI: Shares of Max Financial Services shed nearly 3 per cent in early trade on Wednesday as the company reported a decline of over 41 per cent in consolidated net profit to Rs 47.65 crore in the July-September quarter.

The company’s share price touched a low of Rs 975 on the National Stock Exchange, down 2.6 per cent from its previous close.

In the second quarter of the previous financial year, Max Financial Services had reported a net profit of Rs 81.06 crore.

According to an exchange filing, total income for the quarter under review jumped to Rs 9,327.37 crore from Rs 7,020.11 crore a year ago.