HDFC Life slips on buzz of stake sale by promoter
HDFC Life Insurance Company slumped 5.08% to Rs 453.20 after the media reported that promoter Standard Life will sell up to 5 crore shares or 2.5% equity stake in the company.
On BSE, over 5.4 crore shares were traded in the HDFC Life counter so far, a 158.03 times surge over two-week average daily volume of 3.42 lakh shares.
After opening at Rs 455, the scrip touched a high of Rs 483.90 and low of Rs 441 so far.
On a consolidated basis, the company reported 2.66% rise in net profit to Rs 251.09 crore on a 25.29% increase in total income to Rs 11768.90 crore in Q3 December 2019 over Q3 December 2018.
HDFC Life Insurance Company provides various individual and group insurance solutions across India.
As on 31 December 2019, Standard Life (Mauritius Holdings) 2006 held 14.73% stake while Housing Development Finance Corporation (HDFC) held 51.45% stake in HDFC Life Insurance Company.
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