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The Economic Times
The Economic Times
Veer Sharma

LIC shares drop 4% on Rs 10,000 crore govt stake sale buzz

LIC DIPAM

Shares of Life Insurance Corporation of India (LIC) dropped as much as 4% to an intraday low of Rs 810 on the BSE on Wednesday after a report said the government could begin formal marketing next month for a proposed stake sale that may raise up to Rs 10,000 crore ($1 billion).

The government plans to sell a stake of about 2% in the state-run insurer in late June or early July to institutional investors, according to a Bloomberg report.

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