On BSE, the scrip ended at Rs 371.45, down 4.71 per cent from the previous close. Intraday, it was trading 5.38 per cent lower at Rs 368.80.
Similarly, on the NSE, the shares fell 5.12 per cent to settle at Rs 370.50. During the day, it touched a low of Rs 367.55.
In terms of equity volume, more than 12 lakh shares were traded on BSE, while over 1.6 crore scrips changed hands on NSE.
The insurer in a regulatory filing on Monday said that Standard Life (Mauritius Holdings) 2006 Ltd, one of its promoters, will sell stake through an offer for sale on March 12, and the floor price for the sale will be Rs 357.50 per share.
Standard Life proposes to sell up to 7 crore shares representing 3.47 per cent stake, with an option to additionally sell up to 2.95 crore shares representing 1.46 per cent of the total issued and paid-up capital, it said.
Currently, Standard Life holds 29.2 per cent stake in the life insurance company, while mortgage firm HDFC has a 51.5 per cent stake. After the stake sale, Standard Life's holding in the insurance company will come down to 24.27 per cent.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)