LIC cuts 2 pc stake in Axis Bank

State-owned LIC has sold over 5.25 crore shares, representing about 2 per cent stake, of Axis Bank through the open market transaction. With the sale of these shares, a stake of LIC (Life Insurance Corporation of India) in the private sector bank has now come down to 10.2 per cent from 12.21 per cent earlier, as per the BSE filing by Axis Bank.

LIC sold 5,25,06,202 shares through the open market, the filing said without disclosing the sale value. The total sale value could not be ascertained as the insurer sold the shares over a period of time.

The bank's shares closed at Rs 762.85, a piece on BSE, down 1.18 per cent.