The Insurance Regulatory and Development Authority of India (Irdai) on Friday asked the biggest institutional investor Life Insurance Corporation (LIC) to cut stake in listed companies to below 15 per cent, according to reports.
Reacting to the news, share price of ITCBSE -1.81 % dipped as much as 2.39 per cent in trade on Friday. The scrip ended 1.84 per cent down at Rs 274.25. Shares of the company opened at Rs 281.20 and touched an intraday high and low of Rs 281.50 and Rs 272.70.
