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Last Updated : Nov 19, 2019 09:27 PM IST | Source: Moneycontrol.com

SBI Life Insurance share price falls 6% after block deals worth Rs 3,210 cr

These shares changed hands at an average of Rs 945 per share and these block deals were worth around Rs 3,210 crore.

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SBI Life Insurance Company share price fell 5.6 percent intraday on November 19 after big block deals at the opening.

About 3.3 crore shares (representing 3.4 percent of the total paid-up equity) exchanged hands through several block deals, reported CNBC-TV18.

These shares changed hands at an average of Rs 945 per share and these block deals were worth around Rs 3,210 crore.

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Moneycontrol was the first to report on November 18 that private equity firm Carlyle Group has launched a block deal to sell around 3 percent stake in SBI Life Insurance and make a partial exit.

Carlyle that held 9 percent stake in the company through its investment arm CA Emerald Investments made an impressive 86 percent profit in just eight months since it acquired the stake in March.

Life insurance companies have seen huge buying interest in the last one year due to under-penetration and strong earnings. The stock itself rallied more than 67 percent in last one year, and it was quoting at Rs 948.50, down Rs 51.05, or 5.11 percent, on the BSE at 09:20 hours IST.

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First Published on Nov 19, 2019 09:43 am
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