State-owned Life Insurance Corporation of India (LIC) sold a 2.015% stake in India’s largest car manufacturer, Maruti Suzuki on Friday.
According to an exchange filing, the LIC sold 60.88 lakh shares worth ₹ 5,400 crores in the open market. With this, its stake in the auto manufacturer reduced from 6.22% to 4.2%.
Maruti Suzuki’s shares dropped marginally on Friday. However, they are currently trading at ₹ 8885.00, up 0.50% on Monday. Similarly, LIC’s share price increased marginally on Friday, however, it was trading 0.55% lower at ₹ 684.20 apiece on Monday.
On Monday, the Nifty Auto Index was quoting 0.74% higher. It has increased by 16.06% as per year-to-date data. Further, it increased by 25.98% in the past year. In fact, it was at its lifetime high two weeks ago. Auto stocks are doing well as the Indian economy is opening up post-Covid and it is having an impact on the lifestyle of the Indians. Another major reason is the impetus in the EV segment.
Written by Simran Bafna
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