SBI Life declines 2% on strong volumes

SBI Life Insurance Company fell 2.45% to Rs 916.95 amid strong volumes.

On the BSE, 5.18 crore shares were traded in the counter so far compared with average daily volumes of 85,648 shares in the past one quarter.

On NSE, 1.40 crore shares were traded on the counter so far compared to average daily volume of 21.18 lakh shares in the past one quarter.

Shares of life insurance company hit a high of Rs 933.8 and a low of Rs 901.2 so far during the day.

Meanwhile, the media reported that BNP Paribas Cardif is looking to sell its stake in SBI Life Insurance. As of 31 December 2020, BNP Cardif, classified as promoter group, held 5.2% stake in SBI Life.

SBI Life Insurance Company is one of the leading life Insurance companies in India. The company has distribution network of 224,223 trained insurance professionals consisting of agents, CIFs and SPs along with 947 offices across country.

The life insurer's net profit declined by 40.3% to Rs 232.85 crore on a 68.3% rise in total income to Rs 26,551.90 crore in Q3 FY21 over Q3 FY20.

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