Shares of 8 companies that run insurance business were mixed at 11:40 IST on BSE after Finance Minister Arun Jaitley in the Union Budget 2014-15 raised foreign direct investment in the insurance sector to 49% from 26%.
HDFC (up 1.66%), Aditya Birla Nuvo (up 0.63%), Bajaj Finserv (up 0.32%) and Religare Enterprises (up 0.02%), edged higher.
However, State Bank of India (down 1.52%), Reliance Capital (down 1.39%), ICICI Bank (down 1.08%) and Max India (down 0.37%), edged lower.
The S&P BSE Sensex was down 320.27 points, or 1.26% at 25,124.54.
HDFC owns a controlling stake in HDFC Standard Life Insurance. ICICI Bank holds 73.90% in the ICICI Prudential Life Insurance Company. State Bank of India holds 74% in the SBI Life Insurance Company. Aditya Birla Nuvo owns stake in Birla Sun Life Insurance Company. Reliance Capital holds stake in Reliance General Insurance Company. Bajaj Finserv holds 74% in Bajaj Allianz General Insurance. Max India operates insurance business. Religare Enterprises operates AEGON Religare Life Insurance Company.
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