Max India said that the company approved the allotment of 1,96,266 equity shares of Rs 2 each for cash at par to certain stock option holders arising from the exercise of stock options.
The stock had underperformed the market over the past one month till Sep. 05, 2014, falling 7.50% compared with the Sensex's 4.32% rise. It underperformed the market in past one quarter, declining 13.22% as against 8.02% rise in the Sensex.
Shares of the company gained Rs 9.1, or 2.69%, to trade at Rs 347.90. The total volume of shares traded was 46,822 at the BSE (12.52 p.m., Monday).