LIC Reduces Stake In HDFC AMC To 2.88%

Life Insurance Corp. has reduced its stake in HDFC Asset Management Co. from 4.9% to 2.88%.

Before the stake sale, LIC held 1.04 crore shares in the company, while after that it was reduced to 61.58 lakh, according to the exchange filings on Friday.

On Thursday, the insurance provider had received a goods and services tax demand order for Rs 606 crore from the Maharashtra tax authority.

It received a GST notice for Rs 294.43 crore along with interest and penalty of Rs 281.70 crore and Rs 29.44 crore, respectively.

Shares of LIC closed 0.47% lower at Rs 1,064.65 apiece, compared to a 0.28% rise in the benchmark BSE Sensex. The stock has risen 63.47% in the last 12 months and 27.84% so far this year. The relative strength index was 46.27.

Out of the 20 analysts tracking the company, 13 have a "buy" rating on the stock, four suggest "hold," and three recommend "sell,"  according to Bloomberg data. The average of 12-month analyst price targets imply a potential upside of 10.1%.