IRDAI writes to SEBI to examine share agreement of Axis Bank-Max Life deal

CNBC-TV18 has learned that the insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has asked the Securities and Exchange Board of India (SEBI) to investigate violations around fair market value in Axis Bank-Max Life transactions.

Since there is a discrepancy in the price per share in the last 10 transactions in Max Life, how is it that in just 15 days the price per share of the company fell from Rs 166 to Rs 32 — shares which are allotted to Axis Bank?

The nature of this discrepancy in valuation and how did it benefit and the exact nature of the benefit to whichever of the parties if it benefited from that particular drop in valuation?