LIC cuts 2% stake in Axis Bank

Mumbai: State-owned LIC has sold over 5.25 crore shares, representing about 2 percent stake, of Axis Bank through open market transaction.

With the sale of these shares, stake of LIC (Life Insurance Corporation of India) in the private sector bank has now come down to 10.2 percent from 12.21 percent earlier, as per the BSE filing by Axis Bank.

LIC sold 5,25,06,202 shares through open market, the filing said without disclosing the sale value.

The total sale value could not be ascertained as the the insurer sold the shares over a period of time.

The bank's shares closed at Rs 762.85, a piece on BSE, down 1.18 percent.