LIC cuts stake to zero in 8 of 10 stocks with maximum fall in holdings in Q4
MUMBAI: Life Insurance Corp. of India (LIC) sold its entire stake in eight of top 10 stocks which saw highest decrease in the state insurer’s holdings in March quarter. The top institutional investor’s shareholding slumped to an all-time low of 3.66% of the market value of all publicly traded companies at the end of March, as per data compiled by Prime Database. A rally in equity markets prompted LIC to book profits as benchmark Nifty gained 5% during last three months of FY21.
LIC’s shareholding in these companies was at 3.7% at the end of December and 3.88% at the end of March last year. Its stake in these companies was at a record high of 5% in June 2012. LIC shareholding data includes companies where its stake is more than 1%.
Considering only free float (non-promoter holding), L ...