Insurance stocks trade weak on fears of higher tax

HDFC Standard Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance and Max Financial Services were down in the range of 3% to 5% on the BSE

Strong prospects make GIC Re IPO attractive

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SI Reporter Mumbai

Last Updated : Nov 23 2017 | 3:16 PM IST

Shares of insurance companies were trading lower by up to 5% on the BSE on fears of higher tax rate.

HDFC Standard Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance and Max Financial Services were down in the range of 3% to 5% on the BSE. On comparison, the S&P BSE Sensex was up 0.11% at 33,597 at 02:45 PM.

The Finance Ministry has constituted a task force for redrafting the direct tax law. The task force will submit its report within the next six months.

The panel will draft direct tax legislation, keeping in mind

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