LIC Housing Finance (LICHF) today jumped nearly seven% on BSE, after the retirement fund manager EPFO's trustees approved a proposal to resume investment in the scam-hit non-banking finance company.
The decision to resume investment in LICHF was taken today at the meeting of the Central Board of Trustees, the apex decision-making body of the Employees' Provident Fund Organisation.
Cheered by the move, LICHF jumped 6.81% to settle at Rs 190.60 on Bombay Stock Exchange. Similarly, it witnessed a surge of 6.58% at Rs 190.30 a piece on the National Stock Exchange.
The CBT had suspended investment in the housing finance company following disclosure of the bribe-for-loans scam in November last year in which its top officials were allegedly involved.
Meanwhile, the BSE benchmark Sensex closed 71.60 points higher at 18,273.80 level.
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