NEW DELHI: State-owned LIC has sold over 1.92 crore shares, representing about 2 per cent stake of Asian Paints, through open market transaction.

With the sale of these shares, stake of LIC (Life Insurance Corporation of India) in Asian Paints has now come down to 3% from 5% earlier, as per a regulatory filing by the insurer.

LIC sold 1,92,49,974 shares through open market, the filing said without disclosing the sale value.

The total sale value could not be ascertained as the the insurer sold the shares over a period of time between January 9-June 24, 2019.

Shares of Asian Paints Ltd settled 0.96 per cent lower at 1,363.20 apiece on BSE.