Shares of Max Healthcare Institute fell more than 6 percent on Wednesday to hit an intraday low of Rs 345.35 on series of large deals in the initial trading hours.

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At 10:59 am, shares of Max Healthcare Institute were trading 5 percent lower at Rs 349.7. In the past one year, the stock registered a return of 209 percent and it has jumped 150 percent year-to-date.

About 9.2 crore shares or 9.5 percent stake in the company worth Rs 3,231 crore exchanged hands on the NSE at an average of Rs 350.25 per share.

American private equity major KKR was expected to sell 6.5 percent stake in Max Healthcare Institute worth $300 million or Rs 2,220 crore in a block trade.

KKR-affiliate Kayak Investments Holdings is selling as much as 63.47 million shares in Max Healthcare at an indicative price range of Rs 350-369.7 apiece, which implies an over 5 percent discount to Tuesday's closing price, as per reports.

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Max Healthcare says hospitals seeing 20% plus ROCE, free cash flows of around Rs 1,100 cr

Promoter Kayak Investments held 47.24 percent stake in the company as of June-end.

HDFC Securities noted that the management commentary reinforces the company's intent to grow aggressively by additionally employing asset light models of expansion and exploring inorganic opportunities.

The brokerage firm in its report earlier this week raised its target price on the stock to Rs 410 from Rs 365, while maintaining its 'buy'.

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