ICICI Lombard falls 8% after block deals

ICICI Lombard General Insurance Company has slipped 8 per cent to Rs 1,081 on the National Stock Exchange (NSE) in intra-day trade on Tuesday after nearly 3 per cent of total equity of the company changed hands through block deals.

At 01:10 pm, around 13.3 million shares, representing 2.9 per cent of the total equity, changed hands on the NSE, the exchange data shows. The name of buyers and sellers were not ascertained immediately.

Last month, on May 28, Integrated Core Strategies (Asia) PTE had sold 2.75 million shares or 0.60 per cent stake in general insurance company at price of Rs 1,149 per share.

In the past four months, the stock has outperformed the market by surging 29 per cent, against 8 per cent rise in the Nifty 50 index till Monday. It hit 52-week high of Rs 1,283 on May 28 in intra-day deal.

At 03:09 pm, ICICI Lombard was trading 6 per cent lower on the NSE, as compared to a 0.89 per cent rise in the benchmark index. A combined 19 million shares have changed hands on the counter on the NSE and BSE so far.