HDFC Life plunges 7% as Standard Life sells 5 crore shares

NEW DELHI: Shares of HDFC Life Insurance Company declined over 7 per cent in Friday's trade after Standard Life sold 5 crore shares of the company at Rs 441.24 per share.

Standard Life is a joint venture partner in HDFC Life Insurance Company.

The stock fell 7.6 per cent to hit a low of Rs 441 on BSE. Volumes on the counter jumped 158 times to 5.41 crore shares against a two-week average of 3.42 lakh shares. The stock had risen 39 per cent in last three trading session.

Standard Life Aberdeen said it has sold shares in HDFC Life through a wholly owned subsidiary. It added that the stake sale has resulted in Rs 2,186.30 crore or 237 million pound in receipts, net of taxes and expenses.

Standard Life held 29,73,11,893 shares, or 14.73 per cent stake in HDFC Life as of December 31.