ICICI Lombard rebounds 9% from day's low after block deals

Shares of ICICI Lombard General Insurance Company moved higher by 5 per cent to Rs 1,232, bouncing back 9 per cent from its intra-day low on the BSE on Thursday after nearly 5 per cent of total equity of the company changed hands via block deals. The stock of general insurance company hit a low of Rs 1,132 in the early morning deal today.

Till 02:25 pm, around 23.26 million equity shares, representing 5 per cent of total equity of ICICI Lombard, changed hands on the BSE, the exchange data shows. The name of the buyers and sellers were not ascertained immediately.

Earlier on September 11, 2019, Red Bloom Investment Ltd, a part of Warburg Pincus group, had sold 12.3 million equity shares or 2.7 per cent stake in general insurer ICICI Lombard for Rs 1,378 crore through open market transactions. Red Bloom Investment sold shares at price of Rs 1,122 per share, the bulk deal data shows.