Max Healthcare Institute hits 52-week high following large deal

Max Healthcare Institute hit its highest level in 52 weeks in the last hour of trade on April 12 after a deal involving 1.8 crore shares, amounting to a 1.85 percent stake, took place in the open market.

The transaction was executed at an average of Rs 451.5 a share, taking the deal value to Rs 807.1 crore. The buyers and sellers, however, could not be identified immediately.

Max Healthcare settled around 6.23 percent higher at Rs 479 on the National Stock Exchange. After the deal, the stock had climbed to a 52-week high of Rs 486.25 intraday.

Two crore shares exchanged hands on the bourses, as against the one-month daily traded average of 21 lakh shares.

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As per the hospital company’s shareholding data at the end of the December quarter, Canara Robeco Mutual Fund, HDFC Mid-Cap Opportunities Fund, SBI Equity Hybrid Fund, Vanguard Total International Stock Index Fund, Monetary Authority Of Singapore and Government of Singapore are some of the major institutional players holding a stake in the Max Healthcare.

Max Healthcare, however, was also among the top three stocks that saw the maximum reduction from mutual fund portfolios over March. According to a report by Nuvama Alternative & Quantitative Research, domestic fund houses sold shares of Max Health to the tune of Rs 44o crore in March.