LIC Housing Finance gains 7% on BSE

MUMBAI: LIC Housing Finance (LICHF) today jumped nearly seven per cent on BSE, after the retirement fund manager EPFO's trustees approved a proposal to resume investment in the scam-hit non-banking finance company.

The decision to resume investment in LICHF was taken today at the meeting of the Central Board of Trustees, the apex decision-making body of the Employees' Provident Fund Organisation.

Cheered by the move, LICHF jumped 6.81 per cent to settle at Rs 190.60 on Bombay Stock Exchange. Similarly, it witnessed a surge of 6.58 per cent at Rs 190.30 a piece on the National Stock Exchange.

The CBT had suspended investment in the housing finance company following disclosure of the bribe-for-loans scam in November last year in which its top officials were allegedly involved.

Meanwhile, the BSE benchmark Sensex closed 71.60 points higher at 18,273.80 level.