SBI Life Insurance tumbles after multiple block deals

SBI Life Insurance Company declined 5.32% to Rs 946.40 after about 3.3 crore equity shares, or 3.4% equity, changed hands via multiple block deals in the counter today.

According to media reports, private equity firm Carlyle Group, which acquired 9% stake in SBI Life Insurance in March this year, is planning to sell 3% of the insurance firm through a block deal route on Tuesday.

SBI Life is a joint venture between State Bank of India and French multinational bank BNP Paribas Cardif. As on 30 September 2019, SBI held 57.6% stake in the insurance company while BNP Paribas owned 5.20%.

Shares of SBI Life Insurance Company fell 5.5% in the past two trading sessions to its current market price of Rs 946.40 from its recent closing high of Rs 1,002.10 on Friday, 15 November 2019.

The counter clocked volumes of 5.39 crore shares on the NSE and 50.42 lakh shares on the BSE.

SBI Life Insurance Company's net profit fell 48.2% to Rs 129.84 crore on 32.1% rise in net sales to Rs 12,889.78 crore in Q2 September 2019 over Q2 September 2018.

SBI Life, a leading life insurance company in India, offers a range of life insurance plans and policies.

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