Max Financial Services is the second top loser on the BSE, going down almost 9.5% to an intra day low at Rs.563.25.

The reason for this fall? Its unit, Max Life Insurance is to merge with HDFC Life. This was announced way back in August 2016. But since then, it has faced issues with the insurance regulator sending it to the attorney general for approval.

There is now unconfirmed report coming in that HDFC Life will be going ahead with its IPO plans as the merger gets further delayed. And this news of delay has irked the markets and it has reacted accordingly.