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Shares of ICICI Lombard General Insurance Company on Tuesday closed with over 1 per cent gain after hitting its 52-week high on the bourses after the insurance sector watchdog IRDAI cleared the company’s merger deal with Bharti AXA General. Shares of ICICI Lombard touched 52-week high of ₹1,500 on BSE during the day. It, however, pared some gains to close 1.06 per cent higher at ₹1,471.20. The Insurance Regulatory and Development Authority of India on Friday gave in-principle approval for merger of Bharti AXA with ICICI Lombard. Upon closing of the proposed transaction, the consolidated entity will have a market share of about 8.7 per cent on a pro forma basis in the non-life business. PTI
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