SBI Life Insurance Company share price fell 5.6 percent intraday on November 19 after big block deals in the opening.
About 3.3 crore shares (representing 3.4 percent of the total paid-up equity) exchanged hands through several block deals, reported CNBC-TV18.
These shares changed hands at an average of Rs 945 per share and these block deals were worth around Rs 3,210 crore.
Private equity firm Carlyle Group, which acquired 9 percent stake in SBI Life Insurance in March, was planning to sell 3 percent, or 3 crore shares, of the insurance firm through a block deal route on November 19 at an impressive 86 percent profit in just eight months, The Economic Times reported.
Life insurance companies have seen huge buying interest in the last one year due to underpenetration and strong earnings. The stock itself rallied more than 67 percent in last one year, and it was quoting at Rs 948.50, down Rs 51.05, or 5.11 percent, on the BSE at 09:20 hours IST.
News Source:- Moneycontrol