LIC suffers loss of over Rs 7,000 crore as ITC dips 13 percent
DSIJ Intelligence / 18 Jul 2017
As ITC dipped nearly 13% at Rs 283.80 per share, Life Insurance Corporation suffered a loss of over Rs 7,000 crore.
As ITC dipped nearly 13% at Rs 283.80 per share, Life Insurance Corporation suffered a loss of over Rs 7,000 crore.
Domestic insurance companies collectively lost Rs 10,000 crore, while FPIs lost Rs 9,000 crore in what was the biggest fall in the ITC stock since 1992. LIC held 16.29% in the cigarette maker as of June 30, 2017.
LIC has been slowly raising stake in the cigarette maker for some time now, from 12.63% four years ago to14.34% as of June 2016.
The GST Council's move on Monday wherein it hiked compensation cess on cigarettes to ensure that the effective tax rate does not reduce post-GST is the reason for the dip in ITC.
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