Share price of India's third largest private lender Axis Bank on Wednesday zoomed around one and half per cent intraday on the back of becoming a co-promoter of Max Life.

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Axis Bank share price on Tuesday had closed at Rs 678 per share as compared to Rs 689 apiece intraday in today's trade. Axis Bank, including Axis Capital and Axis Securities, have become the co-promoters of Max Life after acquiring 12.99 % stake collectively in the company, the lender had said in its filing yesterday on bourses.

The stock at around 1:00 pm rose to touch its day's high Rs 691 per equity share. And, touched the day's low at Rs 669 per share around 10:45 am intraday today.

Max Life’s holding company Max Financial Services Limited (MFSL) and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020. The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February, filing further reads.

Meanwhile, the holding company of Max Life, Max Financial Services has been trading flat. It touched its day's high around 11:45 am and has been trading little downside post 2:00 pm today.

Axis Bank ended over one and half per cent higher today to close at Rs 688 per share.