Max India said on Wednesday that the company has completed the transfer of MSF Division to MSF, a 99% owned subsidiary of the company on Apr. 1, 2014.

Earlier the company's board of directors had taken decision to transfer Max Speciality Films Division (MSF Division) into a separate subsidiary.

Shares of the company declined Rs 1.65, or 0.8%, to trade at Rs 204.40. The total volume of shares traded was 8,967 at the BSE (1.59 p.m., Wednesday).