SBI Life Insurance erases morning losses; stock up 3%

According to the media report, Carlyle Group acquired a 9% stake in the company from BNP Paribas.

Mar 01, 2019 08:03 IST India Infoline News Service

Shares of SBI Life Insurance fell nearly 12% on the BSE in the morning trade after block deal. However, the stock recovered and is trading higher on both the indices.

The stock saw a sharpest intra-day fall since its listing on October 3, 2017.

According to the media report, Carlyle Group acquired a 9% stake in the company from BNP Paribas.

BNP Paribas Cardif sold 9.2cr shares or 9.23% stake in the company on the BSE, and 9cr shares of those were acquired by an affiliate of the Carlyle group, the media report stated.

SBI Life Insurance Company Ltd is currently trading at Rs598.40 up by Rs17.9 or 3.08% from its previous closing of Rs580.50 on the BSE. The scrip opened at Rs580.35 and has touched a high and low of Rs618.20 and Rs510 respectively.

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