Life Insurance Corporation of India (LIC) sold 93.73 lakh equity shares, or 2.012% equity, of Shipping Corporation of India (SCI) between 21 October 2020 to 12 March 2021.
Post sale, LIC held 8.04% stake in SCI from 10.052% held earlier. The transaction was executed as market sale.
SCI's consolidated net profit tanked 55.4% to Rs 131.57 crore on a 30.9% decline in net sales to Rs 841.23 crore in Q3 FY21 over Q3 FY20.
SCI is the largest Indian shipping company. It is the only Indian shipping company operating: break-bulk services, international container services, liquid/dry bulk services, offshore services, passenger services. In addition, the SCI mans and manages a large number of vessels on behalf of various government departments and organizations.
Shares of SCI slipped 1.38% to Rs 121.80 on BSE. As of 31 December 2020, the Government of India held 63.75% stake in the company.
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