BNP Paribas Cardiff may trim stake in SBI Life; stock hits new low

The stock slipped 6% to Rs 553 on the BSE in intra-day trade after the company said that BNP Paribas Cardiff may trim stake in the company to comply with minimum shareholding norms.

Shares of SBI Life Insurance has slipped 6% to Rs 553 per share on the BSE in intra-day trade after the company said that BNP Paribas Cardiff may trim stake in the insurer to comply with minimum shareholding norms. The stock was trading at its lowest level since listing on October 3, 2017.

“The company has been informed by BNP Paribas Cardif SA that BNP Paribas Cardif may consider reducing its shareholding in the Company to ensure compliance with minimum public shareholding requirements in accordance with applicable law,” SBI Life Insurance said in a regulatory filing.

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