SBI Life Insurance Company  shares plunged more than 12 percent in morning on Friday after big block deals in opening trade.

report indicated that about 8.85 crore shares worth Rs 4,576 crore traded in block deals on the BSE.

These shares exchanged at an average price of Rs 518.5 per share.

At 09:33 hours IST, the stock was quoting at Rs 558.50, down Rs 22.00, or 3.79 percent on the BSE.