Life Insurance Corporation of India (LIC) disclosed that it decreased its stake in Bajaj Auto from 7.203% to 5.200%.
LIC sold 56,68,366 shares, or 2.003% equity, at an average cost of Rs 4,069.65 via open market sale during the period from 3 November 2022 to 16 November 2022.
Bajaj Auto is engaged in the business of development, manufacturing and distribution of automobiles such as motorcycles, commercial vehicles, electric two-wheelers etc. and parts thereof.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country. Shares of LIC debuted on the bourses on 17 May 2022. The scrip was listed at Rs 867.20, representing an 8.62% discount to the issue price of Rs 949.
Shares of LIC were up 0.14% at Rs 644.55 while Bajaj Auto shed 0.31% to Rs 3,683.25 on the BSE.
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