Life insurance stocks slide as Govt plans LIC IPO
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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