SBI Life Insurance is top loser

SBI Life Insurance is currently the top loser on the BSE, going down almost 6.5% to Rs.577.50. The stock has been losing for the last 2 days and has fallen -5.06% in the period. It has underperformed the sector by -4.86%.

The stock price has slipped on unconfirmed reports that BNP Paribas Cardif sold its 5.2% stake or 52.23 million shares via block deals, on the BSE, at a price of Rs.582/share.

Post this stake sale, BNP Paribas will continue to hold 7.57%, down from the 12.77% held earlier.

At the beginning of the month, BNP had sold 9.2% stake at Rs.515/share.

What worries the market is that both the times, the stakes were sold at a discount to the IPO price of Rs.700/share.