What to watch. LIC reduces 2.02% stake in MTNL

Crisis-ridden Mahanagar Telecom Nigam on Wednesday informed the exchanges that Life Insurance Corporation of India had sold stake in the company during the last two months. In a disclosure to the bourses, it said, LIC had sold 1.27 crore shares of MTNL in the open market between June 4 and July 22. Following the selling, LIC’s holding in the company got reduced to 13.607 per cent from 15.629 per cent. Shareholders will closely monitor further action from LIC.