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Shares of HDFC Life Insurance Company Ltd fell as much as 3.9 per cent to Rs 401.1, their biggest intra-day per cent loss since March 12.
Standard Life (Mauritius Holdings) 2006 Ltd proposes to sell up to 36 million shares of the company, or 1.78 per cent stake in HDFC Life Insurance, the company said on Thursday.
The floor price for the sale would be Rs 390 per share, a 6.5 per cent discount to the stock's last closing price.
More than 1.9 million shares traded by 0506 GMT, compared with the 30-day average volume of around 2.6 million shares.
The stock was down 2.3 per cent by 0510 GMT in Mumbai. It closed at Rs 413.60, down Rs 3.40 (-0.82%) on the BSE.
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