Insurance stocks tumble; ICICI Pru, SBI Life tank 11%, HDFC Life dips 10%

Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman said the government now proposes to sell a part of its holding in LIC by way of Initial Public Offer (IPO)

Shares of insurance companies, mainly life insurance, tumbled upto 11 per cent in intra-day trade on the BSE on Saturday after Finance Minister Nirmala Sitharaman proposed to list state-owned insurance behemoth Life Insurance Corporation (LIC) on stock exchanges.

Among individual stocks, ICICI Prudential Life Insurance Company (ICICI Pru) tanked 11 per cent to Rs 457 on the BSE in intra-day trade. SBI Life Insurance Company, too, slipped 11 per cent to Rs 886, while HDFC Life Insurance Company dipped 10 per cent to Rs 538 on the BSE.

Presenting the Budget for 2020-21, Finance Minister Nirmala Sitharaman said