Shares of Max India, which started trading today after its business rejig, fell by 5 per cent to hit the lower circuit limit. The stock listed at Rs 195 and later fell by 5 per cent from the opening price to touch a low of Rs 185.25, its lower circuit limit, on BSE. On NSE, it opened at Rs 180 and ended at Rs 171, down 5 per cent. Max India Ltd listed on the stock exchanges today, becoming the third company of the group to be traded on the bourses following the demerger. Max India Limited is the holding company of Max Healthcare, Max Bupa Health Insurance and Antara Senior Living. Post the demerger of erstwhile Max India, Max Financial Services and Max Ventures and Industries have already started trading from January and June this year. "The listing will unlock value for the shareholders of erstwhile Max India allowing them to trade in a stock which manages investments in high-potential health and allied services businesses," Max India had said in a release yesterday. Max Group is one of India's leading multi-business conglomerates with presence in life insurance, healthcare and allied businesses and packaging sectors.