ICICI Lombard share price falls 2% after ICICI Bank sells stake worth Rs 2,250 cr

ICICI Lombard General Insurance share price fell in early trade today after its parent ICICI Bank sold 1.80 crore shares amounting to 3.96% stake in the general insurer.  The transaction was worth Rs 2,250 crore. The large cap stock has lost 8.33% in last three sessions. Share price of ICICI Lombard General Insurance fell 1.97% to Rs 1250 against previous close of Rs 1276 on BSE.

The share trades higher than 50 day and 100 day moving averages but lower than 5 day, 20 day and 200 day moving averages. The stock has gained 9.28% during last one year and lost 9.36% since the beginning of this year.

Market cap of ICICI Lombard General Insurance fell to Rs 57,106 crore. The stock hit 52-week high of Rs 1,439 on December 26, 2019 and 52-week low of Rs 805.60 on March 9, 2020. Total 5.22 lakh shares changed hands amouting to turnover of Rs 65.66 crore on BSE.

On the other hand, share price of ICICI Bank was trading 2% higher at Rs 358.80.

On May 9, the private sector lender while announcing its results for Q4 said it would look at further strengthening the balance sheet as opportunities arise.

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In a communication to bourses today, the lender said, "In line with this intent and pursuant to approval granted by the Board, the Bank has today divested 18,000,000 equity shares of face value of Rs. 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 22.50 billion."

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