SBI Life Insurance share price falls over 6% after block deals worth Rs 3,210 crore

SBI Life Insurance share price fell in early trade today after big block deals took place in morning session on BSE. SBI Life Insurance share price fell up to 6.46% to Rs 935 compared to the previous close of Rs 999.55 on BSE. SBI Life Insurance stock opened 4.18% at Rs 957.80.

The largecap stock has lost 6% in last two days. It has risen 67.15% during last one year and gained 58.35% since the beginning of this year. These block deals worth Rs 3,210 crore were carried out at an average price of Rs 945 per share on BSE.

Around 3.3 crore shares of SBI Life Insurance (representing 3.4 percent of the total paid-up equity) were transacted in several block deals on BSE and NSE.

The life insurance firm reported over 48 per cent decline in its net profit at Rs 129.84 crore in the second quarter ended September of the current fiscal year (2019-20).  It had clocked a net profit of Rs 250.53 crore in the corresponding July-September period of previous fiscal 2018-19. The company's total premium income during July-September rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period.

The company said its new business premium (NBP) rose 40 per cent to Rs 7,820 crore in the second half of the current fiscal as against Rs 5,570 crore in the year-ago period.

By Aseem Thapliyal