LIC cuts stake in CPCL to 5.04 pc

Country's largest insurer LIC has has lowered its stake in Chennai Petroleum Corporation Ltd (CPCL) to 5.04 per cent by selling 2 per cent stake in the company.

According to a stock exchange filing, LIC has sold 29.94 lakh shares or 2.01 per cent stake in CPCL between October 27, 2009 to October 1, 2015 through open market sale.

Life Insurance Corporation (LIC) which held 7.05 per cent stake in CPCL, now holds 5.04 per cent stake in the company.

Shares of CPCL closed at Rs 219.45, down 1.39 per cent over previous close on Thursday.