HDFC Life Insurance slumps over 7% post block deal, recovers later

Reports said that Standard Life was looking to sell up to 3.2 per cent in HDFC Life, the largest life insurer by market capitalisation through an offer for sale (OFS).

Shares of HDFC Life Insurance Company slumped as much as 7.5 per cent to Rs 490 apiece on the BSE in the early trade on Wednesday after reports said co-promoter Standard Life sold more than 3 per cent stake in the company via block deal.

At 09:15 am, around 64.2 million equity shares representing 3.2 per cent total equity of HDFC Life Insurance Company changed hands via block deal on the BSE, the exchange data shows. The name of the buyers and sellers are not ascertained immediately.

Thus far in the calendar year 2019, Standard Life has reduced