Life Insurance Corporation of India (LIC) disclosed that it has decreased its stake in HDFC Asset Management Company from 4.909% to 2.883%.
The life insurer sold 43,28,776 shares, or 2.026% equity, at an average cost of Rs 4,218.269 via open market sale during the period from 1 July 2024 to 29 August 2024.
HDFC Asset Management Company (HDFC AMC) is the investment manager of HDFC Mutual Fund, one of the largest mutual funds in the country. The AMC has a diversified asset class mix across equity and fixed income/others. It also has a countrywide network of branches along with a diversified distribution network comprising banks, independent financial advisors, and national distributors.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
Shares of LIC declined 0.47% to close at Rs 1,064.65 while those of Hindustan Copper shed 0.78% to end at Rs 4,421.25 on Friday, 30 August 2024.
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