HDFC Life surges on reports of Standard Life selling stake

Shares of HDFC Life Insurance jumped 5 per cent amid reports Standard Life Aberdeen sold its stake in the company.

ET Now, attributing agencies, said Standard Life via is Mauritius-based holding company sold shares worth 622 million euros. At the end of the September quarter, the company held 19.7 per cent stake in HDFC Life.

There were reports that Standard Life was looking to sell 4.5 per cent stake in the company.


Standard Life has been trimming stake in the insurer for the last few quarters. In August, Standard Life had sold 3.2 per cent in HDFC Life via a block deal. Prior to that, Standard Life had sold 1.78 per cent stake for approximately Rs 1,400 crore. In March, it had divested 4.93 per cent stake in the life insurer to raise about Rs 3,600 crore.

In October, the stock has climbed nearly 7 per cent.

The shares of the company closed 3.62 per cent higher at Rs 632.45 on BSE.