Promoter shareholding decreased by 4.78% YoY, while sector averages remained stable, indicating insider selling against a backdrop of sector stability.

Institutional investment only marginally increased by 0.12% YoY, contrasting with stronger gains in peer stocks like ICONIKSPEV with a 57.27% increase, highlighting relative weakness.

Public shareholding stagnated, reflecting a lack of retail interest, further confirming Max Financial's position as a laggard in a sector showing no overall change.