LIC Housing Finance share price falls over 12% on report of likely merger with IDBI Bank

LIC Housing Finance share price tanked over 12% in trade today after a report said its merger with IDBI Bank could be put on fast track. Share price of LIC Housing Finance fell 12.32% to Rs 361.3 level compared to previous close of Rs 412.05 on BSE. 

Today's intra day low is 2.06% short of Rs 354, stock's 52-week low hit on October 15, 2019. A report by Business Standard said process of merger of LIC Housing Finance and IDBI Bank was likely to be expedited. However, the report was rejected by the leadership of LIC Housing Finance in an interview with CNBC TV18.

LIC's entry into IDBI Bank attracts quite a few institutional investors

The large cap stock has lost 11.24% in the last 2 days. The stock opened with a loss of 2.68% at Rs 401 on BSE. The stock has fallen 20% in last one month and is down 14.63% during the last one year.  It has lost 13.38% since the beginning of this year. 12.31 lakh shares of LIC Housing Finance changed hands amounting to turnover of Rs 46.39 crore.

It's market cap fell to Rs 18,970 crore on BSE. LIC holds 51 per cent stake in IDBI Bank and 40.13 per cent in LIC Housing Finance. Share price of IDBI Bank was trading 0.28% higher at Rs 35.50 on BSE.

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