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HDFC dives 5%, insurance merger plan hits IRDAI hurdle

Housing Development Finance Corporation (HDFC) shares fell more than 5 percent Tuesday as outside financial investors may have offloaded shares in the midst of negative market conclusion. Other explanation behind fall could be that insurance regulator IRDAI has communicated reservations about mega insurance merger plan between HDFC Life and Max India .

An application was recorded by Max Life Insurance Company and HDFC Life looking for the in-principle endorsement of IRDAI for the previously mentioned scheme on September 21, 2016.

In its recording, Max India on Saturday said that IRDAI has communicated reservations to acknowledge the plan of amalgamation in its current form.

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Max Life Insurance Company and HDFC Life trust that the plan of arrangement as submitted to the IRDAI is in consistence with every single applicable law and propose to represent and illuminate the matter to IRDAI, it included.

The plan of amalgamation proposed converging of insurance business in an understanding between Max Financial Services (MFSL), its subsidiary Max Life Insurance Company Ltd (MLIC), HDFC Standard Life Insurance Company Ltd (HDFC Life) and Max India.

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Max Financial Services, advanced by USD 2 billion Max Group, is the holding organization for Max Life.

At 10:41 hours IST, HDFC was citing at Rs 1,209.95, down Rs 61.55, or 4.84 percent while Max India and Max Financial Services were down 3 percent and 7 percent, separately.