LIC shares tumble 8 pc as govt to sell 6.5 pc stake via Rs 31,000 crore OFS

New Delhi, Aug 4 (IANS) Shares of Life Insurance Corporation of India (LIC) plunged nearly 8 per cent on Tuesday after the government announced an offer for sale (OFS) to reduce its stake in the state-owned insurer.

The PSU stock fell as much as 7.92 per cent to Rs 390.70 on the BSE, hitting an intraday low as of 10:40 am. At the last count, the stock was trading at Rs 397.80, down more than 6 per cent.