SBI Life Falls After Saying BNP Paribas May Cut Stake – Shares of the Mumbai-based life insurer fell as much as 5.8 percent to Rs 552.75, also its lowest level since it started trading after it said that BNP Paribas Cardiff may cut stake in the company to comply with minimum shareholding norms.
The company also said that BNP Paribas Cardiff had confirmed that it was yet to make any firm decision regarding the size, timing or nature of such potential reduction in their shareholding of the company.
The foreign institution held 22 percent stake in SBI Life Insurance as reported to the exchanges for the June quarter.
