SBI Life Insurance falls 6% on BNP Paribas stake sale

Post-transaction, BNP Paribas Cardif's stake in SBI Life Insurance is likely to decline to 7.57 per cent from 12.77 per cent

SBI Life Insurance shares slipped 6 per cent to Rs 577 on the BSE in early morning trade on reports that BNP Paribas Cardif had sold its stake in the company through the open market.

At 09:15 am, around 52.23 million shares, representing 5.2 per cent of total equity, of SBI Life Insurance changed hands on the counter on the BSE at the price of Rs 582 via block deals, BSE data shows.

The name of the buyers and sellers not ascertained immediately.

Post-transaction, BNP Paribas Cardif's stake in SBI Life Insurance is likely to decline to 7.57 per cent