LIC Housing scrip sheds 7% in early trade

LIC Housing scrip sheds 7% in early trade

Mumbai: LIC Housing Finance on Friday continued its losses for the sixth consecutive session, with the scrip shedding over 7% in the early trade on BSE, hit by the EPFO’s decision to suspend further investments in the company.

The government yesterday said the Employees Provident Fund Organisation (EPFO) will not invest any funds in the LIC Housing Finance, a subsidiary of the largest insurer Life Insurance Corporation (LIC), till the CBI inquiry in the bribes-for-loans scam is over.

LIC Housing scrip that has declined over 15% in the last five trading sessions, started the day on a subdued note and plunged by 7.49% to 827.05 per piece on the Bombay Stock Exchange.

On the National Stock Exchange, the company scrip dipped 6.5% to trade at Rs828 in the morning session.

Meanwhile, the 30-share benchmark Sensex was quoting 203 points higher at 19,445.35 at 11:25 am.