Shares of the life insurance companies fell after the government announced plans to sell part of its holding in LIC through IPO.
ICICI Prudential Life Insurance Company (down 2.74%), SBI Life Insurance Company (down 0.82%) and HDFC Life Insurance Company (down 0.17%) fell.
Meanwhile, the Sensex was down 180.69 points or 0.44% to 40,542.80.
Presenting the Union Budget 2020, Finance Minister Nirmala Sitharaman said that the Government proposes to sell part of its stake in Life Insurance Corporation of India (LIC).
LIC is a state-owned insurance group and investment company. It is the largest insurance company in India.
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