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Life Insurance Corporation of India (LIC) has reduced its stake in United Nilgiri Tea Estates Company Ltd from 4.81 lakh shares to 3.80 lakh shares. Effectively, LIC's shareholding has decreased from 9.632 per cent to 7.613 per cent of the paid-up capital of the company.
LIC sold these shares at an average price of ₹310.72 between August 12 and October 7, the insurance major informed the exchanges. Shares of United Nilgiri closed 1.85 per cent lower at ₹299.90 on the NSE while that of LIC’s slipped 0.44 per cent to ₹621.75.
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