Max India registers net loss of Rs 55 lakh in Q3

Max India on Monday reported a net loss of Rs 55 lakh during the third quarter ended December 31, 2016.

The company had posted a net profit of Rs 2.97 crore in corresponding October-December period of 2015-16.

Total income from operations decreased to Rs 11.19 crore during the quarter, from Rs 14.36 crore a year earlier, it said in a regulatory filing.

The board of directors of Max India has approved a scheme of amalgamation and arrangement for merger of Max Life Insurance with Max Financial Services besides demerger of life insurance undertaking of Max Financial and merger of the said undertaking with HDFC Standard Life Insurance Co Ltd, it said.

The scheme involves merger of MFSL— holding the non-life insurance business — with the company, Max India said further.

Max India said that being the holding company, it is having investments in various subsidiaries and joint ventures engaged in growing these business investments.

Stock of the company closed 2.64 per cent down at Rs 147.60 on BSE.

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