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. A rally in equity markets prompted LIC to book profits as benchmark Nifty gained 5% during last three months of FY21. LIC shareholding data includes companies where its stake is more than 1%. This is calculated as average of LIC holding as a percentage of total share capital across all NSE listed companies. Data showed that equity holdings of all insurance companies declined to a five-year low of 4.8% as of 31 March.

Source: Mint May 29, 2021 09:33 UTC