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The country’s insurance giant LIC has cut its stake in pharmaceutical company Sun Pharmaceuticals. LIC sold two percent stake in the company for around Rs 3,882 crore. The shares were sold through open market transactions between May 17, 2021 and July 22, 2022, according to the regulatory filing.
With this, LIC’s shareholding in Sun Pharmaceuticals has reduced from 16,85,66,486 to 12,05,24,944 equity shares. Earlier, the insurance company was holding 7.026 percent of Sunpharma’s paid-up capital. The shares were sold at an average price of Rs 808.02 each.
Today (26,07,2022, 10.10) LIC stock is trading at Rs 678.55, down 0.78 percent. Shares of Sun Pharma were up 0.69 percent at Rs 874.55.