HDFC plunges 5%, insurance merger plan hits IRDAI hurdle
HDFC shares fell more than 5 percent Tuesday as foreign investors may have offloaded shares amid negative market sentiment. Other reason for fall could be that insurance regulator IRDAI has expressed reservations about mega insurance merger plan between HDFC Life and Max India . An application was filed by Max Life Insurance Company and HDFC Life seeking the in-principle approval of IRDAI for the above-mentioned scheme on September 21, 2016. In its filing, Max India on Saturday said that IRDAI has expressed reservations to accept the scheme of amalgamation in its current form. ADVERTISING inRead invented by Teads Max Life Insurance Company and HDFC Life believe that the scheme of arrangement as submitted to the IRDAI is in compliance with all applicable laws and propose to represent and clarify the matter to IRDAI, it added. The scheme of amalgamation proposed merging of insurance business in an agreement between Max Financial Services, its subsidiary Max Life Insurance Company Ltd , HDFC Standard Life Insurance Company Ltd and Max India.
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