State-run insurance giant Life Insurance Corporation of India (LIC) has lowered its exposure in 17 blue-chip firms, with sale of shares worth an estimated Rs 8,800 crore, in the quarter ended March 31.
LIC’s holding increased in nine Sensex companies during the January-March quarter, showed an analysis of the shareholding pattern of Sensex constituents.
Individually, LIC reduced its stake in Reliance Industries, Infosys, ONGC, State Bank of India, HDFC Bank, ICICI, Tata Steel and Tata Motors, among others during the three months ended March 31. At current share prices, LIC offloaded shares worth Rs 8,865 crore in a total of 17 Sensex constituents. The Sensex fell by 591 points or three per cent during the March quarter.
Besides, LIC also trimmed holdings in auto companies like Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki, drug firms Sun Pharma and Cipla, Hindustan Unilever and Larsen & Toubro. Infosys, Sun Pharma and Tata Motors saw LIC reducing its exposure by over one percentage point, while the state-run insurer’s stake in NTPC, Hero MotoCorp and Coal India increased by at least one percentage point.
LIC is estimated to have purchased shares worth about Rs 6,200 crore in nine blue-chip companies, resulting in a net outflow of over Rs 2,665 crore in all the Sensex firms together.
It ramped up its stake in Bharti Airtel, Hero MotoCorp, Wipro, Hindalco, NTPC, GAIL, Coal India, ITC and HDFC.
LIC's stake in two companies -BHEL and Sterlite- remained unchanged during January-March period from the level seen in the preceding quarter.
The insurer did not hold any stake in Jindal Power Steel in the last two quarters and data for one company was not available.