• Source:JND
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LIC: Life Insurance Corporation of India (LIC), the country's largest insurance company, is in talks to purchase a 50% stake in Manipal Cigna Health Insurance, claiming various media reports. Owing to the report, the shares of LIC soared nearly 5% to hit an intraday high of Rs 952.50 on NSE. However, the stock erased the gain in afternoon trade following selling pressure, at around 1:16 pm, LIC shares were trading at Rs 928.70, up 1.35% against the previous day's closing price. 

The move to acquire a stake in the health insurance firm is a significant move for LIC, as it seeks to expand its presence in the medical expense coverage market, which is currently inadequate.

 

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According to media reports, both Cigna and Manipal will reduce their respective stakes in the company proportionally. If the deal makes the fate, then ManipalCigna Health Insurance could be valued at around Rs 4,000 crore, quoted media reports. 

Stock Market Today

The domestic stock indices-Sensex, and Nifty- fell over 1% in afternoon trade, erasing the early gain. At around 1:30 PM, Sensex, the index of the top 30 stocks on NSE, was trading at 79,333.20, falling 900 points or 1.12%. Meanwhile, Nifty 50, the index of top 50 shares on NSE, plunged 277 points or 1.17 per cent to trade at 24,000. Almost all Sensex stocks were trading lower. 

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Disclaimer: This is only a piece of news about the recent development. Jagran does not advise investing, please do take expert opinion before investing.