Edelweiss Financial Services, one of India's leading financial services groups, witnessed a sharp rise in share price on Wednesday after Edelweiss Tokio Life Insurance has received the Foreign Investment Promotion Board (FIPB)'s approval for increasing its foreign joint venture partner Tokio Marine's stake in the company to 49%. Tokio Marine currently owns 26% in Edelweiss Tokio Life Insurance.

Shares of Edelweiss Financial Services are trading at Rs 54.85, up Rs 0.75, or 1.39% at the Bombay Stock Exchange (BSE) on Wednesday at 1:35 p.m. The scrip has touched an intra-day high of Rs 56.60 and low of Rs 54.80. 

Total volume of shares traded on the bourses today was higher by 3,281.09% to 3,199,076 compared with 22-day average volume of 94,617.

In the earlier session, the shares fell 2.87%, or Rs 1.6, at Rs 54.10.