Max Financial Services Ltd. has appointed Nishant Kumar Gehlawat as the new chief financial officer of company with effect from May 1, according to an exchange filing on Tuesday.
Gehlawat, who has been with the company for nearly two decades, will be replacing Amrit Pal Singh, the current CFO of company, who will step down from the position on April 30. However, he will retain his role as the CFO of Axis Max Life Insurance Ltd.
Gehlawat has been with Max Group since 2007, gaining over 18 years of experience in areas like finance, corporate development, treasury, and investor relations.
Over the years, he played key roles in important corporate transactions for Max Group, such as raising funds from top investors in 2007, 2009, and 2010, splitting Max Group into three listed companies in 2015, selling Max Group's stake in Max Bupa in 2019, and merging Max Healthcare with Radiant Healthcare in 2020, he noted.
Shares of Max Financial Services closed 2.97% higher at Rs 1,197 apiece on the NSE, compared to a 2.19% rise in the benchmark Nifty 50. The stock has risen 17.09% in the last 12 months and 7.31% year-to-date.
Nineteen out of 20 analysts tracking the company have a 'buy' rating on the stock and one suggests 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 16.3%.
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