Tata Group Stock:A big update has come about Tata Power’s stock.
Indian Life Insurance Corporation (LIC) of the public sector has sold more than 2.02 percent stake in Tata Power Company for about Rs 2,888 crore. LIC has given this information on Tuesday.
LIC’s stake in Tata Power has now come down to 3.88 percent. Tata Power’s stock has fallen by more than 5% today.
What did LIC say?
LIC said in the notice to the stock market that the insurance sector giant has reduced its stake in Tata Power Company Limited (TPCL) from 18,87,06,367 shares to 12,39,91,097 shares.
It has come down from 5.90 percent of the company’s paid-up capital to 3.88 percent. These shares were sold in the open market between June 20, 2024 to November 11, 2024 at an average price of Rs 446.402 per share.
At this price, LIC sold more than 6.47 crore shares or 2.02 percent stake for Rs 2,888 crore.
Company shares
LIC’s share on BSE rose 0.32 percent to close at Rs 921.45 per share. Here, Tata Power shares fell more than 5% during trading today to an intraday low of Rs 412.70.
This share has broken by 7% in five days and more than 10% in a month. This share climbed to 25% so far this year. This share has climbed to 60% throughout the year. Shares of Tata Power had climbed by 700% in five years.
Quick Fact
| Company name | Tata Power |
|---|---|
| LIC’s stake before sale | 5.90% |
| LIC’s stake after sale | 3.88% |
| Stake sold by LIC | 2.02% |
| Number of shares sold by LIC | 6.47 crore shares |
| Sale amount by LIC | ₹2,888 crore |
| Sale period | June 20, 2024 – November 11, 2024 |
| Average sale price per share | ₹446.402 |
| Price change today | -5% |
| 5-day price change | -7% |
| 1-month price change | -10% |
| Year-to-date increase | 25% |
| 5-year increase | 700% |
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