State-owned insurance major Life Insurance Corporation of India (LIC) has sold nearly 2 per cent stake in Glaxosmithkline (GSK) Pharmaceuticals, which saw stocks falling nearly 1 per cent on the bourses. Following the stake sale, LIC holding in GSK Pharmaceuticals reduced to 5.99 per cent from 8 per cent earlier.
As per data available on the exchange, LIC offloaded 34.02 lakh shares, or 2.009 per cent stake, in GSK Pharma through open market transaction on 19 December 2019. The disclosure was made after market hours on 20 December 2019. The filing, however, did not disclose the sale value.
LIC is a leading institutional investor that holds equity stakes in many companies. As of the June quarter, the value of LIC's holdings in listed companies was at Rs 5.43 lakh crore.
Meanwhile, GSK Pharmaceuticals share price declined as much as 0.9 per cent on Tuesday to touch an intraday low of Rs 1623.85 apiece in volatile trading session on the BSE. Earlier today, the pharma stock opened higher at Rs 1,647.70 against previous close level of Rs 1,638.90. In contrast, the BSE Sensex was trading 102 points, or 0.25 per cent, lower at 41,540.
In a similar fashion, GSK Pharma shares were trading 0.41 per cent lower at Rs 1,634.95 per cent on the National Stock Exchange (NSE). The scrip opened tad higher at Rs 1,642.25 against Monday's closing level of Rs 1,641.65.
During second quarter ended September 30, 2019, the drug maker reported a consolidated net profit of Rs 502.75 crore for the quarter ended September 30, 2019, mainly on account of exceptional items. The company had posted a profit of Rs 100.83 crore for the year-ago period. Revenue from operations stood at Rs 882.02 crore for Q2FY20 as against Rs 816.31 crore in the same period a year ago.
Edited by Chitranjan Kumar