LIC stake in Axis Bank now stands at 10.20 percent from 12.21 percent earlier. (Photographer: Dhiraj Singh/Bloomberg)

LIC Sells 2% Stake In Axis Bank

Life Insurance Corporation of India sold over 5.25 crore shares, representing about 2 percent stake, of Axis Bank Ltd. through an open market transaction on Monday.

LIC’s stake in Axis Bank now stands at 10.20 percent from 12.21 percent earlier, the private sector bank said in a filing to the Bombay Stock Exchange.

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.

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