HDFC Life Insurance Company shed 0.83% to Rs 690.25, amid heavy volumes.
On the BSE, 10.97 crore shares of the company were traded in the counter so far as against an average trading volume of 1.66 lakh shares in the past three months.
On the NSE, 2.61 crore shares of HDFC Life changed hand in the counter so far compared with an average trading volume of 31.52 lakh shares traded in the past one quarter.
On a year-to-date (YTD) basis, the stock has gained 2.23% while the benchmark Sensex has added 10.17% during the same period.
According to media reports, foreign promoter Standard Life (Mauritius Holdings) 2006 will sell 3.46% stake in HDFC Life for $640 million (over Rs 4,600 crore) via a block deal.
As per reports, Standard Life will sell 7 crore shares at Rs 658-678 apiece, which is at a discount of 2.6-5.5% to Monday's close of Rs 696 apiece.
After this deal, Standard Life's stake in the life insurer will reduce to 5.42% from 8.8% as on 31 March 2021.
HDFC Life Insurance Company is a life insurance entity promoted by HDFC, India's leading housing finance institution and Standard Life Aberdeen, a global investment company.
The life insurer reported 2.38% rise in consolidated net profit to Rs 319.06 crore in Q4 FY21 from Rs 311.65 crore in Q4 FY20. Net premium income increased by 22.85% to Rs 12,869.55 crore in Q4 FY21 over Q4 FY20.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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