Union Budget 2020: Insurance stocks tank after Nirmala Sitharaman announces LIC IPO
Updated : February 01, 2020 02:34 PM IST
During her budget speech, the finance minister announced that the government will sell a part of its stake in LIC through an IPO in order to raise funds.
Currently, the government owns the entire 100 percent stake in Life Insurance Corporation of India.
LIC is the largest financial institution of the country with an investment corpus of Rs 31 lakh crore.