LIC sells Dr Reddy's shares for Rs 875 crore; cuts stake to 6.31%

LIC sells Dr Reddy's shares for Rs 875 crore; cuts stake to 6.31% New Delhi: Drug firm Dr Reddy's Laboratories on Tuesday said state-run Life Insurance Corporation has cut its stake in the company to 6.31 percent by selling shares worth Rs 875.29 crore in the open market.

LIC held 8.38 percent stake in the pharma major before offloading about 35.25 lakh shares, accounting for around 2.07 percent shareholding.

The insurer has reduced its stake to 6.31 percent through the open market sales, Dr Reddy's Laboratories said in a filing to the BSE.

LIC has sold 35.25 lakh shares via market sale, the filing said.

Following the transaction, LIC's total shareholding in the company has come down to 6.31 percent from 8.38 percent, it added.

Dr Reddy's scrip closed at Rs 1,913.10 on the BSE, down 0.45 percent.

PTI