Sensex Today | Stock Market LIVE Updates: Shares of Max Estates hit a 5% lower circuit at Rs 283 in Monday's trade on the National Stock Exchange, soon after the stock listed at Rs 298 on the NSE.

Max Estates is a wholly-owned subsidiary of Max Ventures and Industries. Earlier in April, the Max Ventures and Industries board approved the amalgamation of the company with its wholly-owned subsidiary Max Estates as a part of the group's restructuring exercise and to focus completely on the real estate business.

Max Ventures and Industries was also into manufacturing of specialty packaging films in a joint venture with Japanese firm Toppan Printing. The firm sold its entire 51% stake to Japanese joint venture partner Toppan Printing for Rs 600-650 crore as part of the company's decision to fully focus on the real estate segment.