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Life Insurance Corporation has sold a little over 2 per cent stake in drug and chemical firm Merck Ltd through an open market transaction. With the sale, the total shareholding of the insurer has come down to 5.6 per cent, Merck Ltd said in a BSE filing today.
LIC earlier had 12,74,823 shares in the company constituting 7.68 per cent stake. It sold 3,43,147 shares totalling 2.06 per cent.
The stock surged to a 52-week high of Rs 1,687.30 and the trading volume soared over 7.25 times in day trade on the BSE. Over 5.5 lakh shares of the company were traded on both NSE and BSE stock exchanges.
Merck shares ended higher by 16.7 per cent at Rs 1,640.85 on the BSE. On the NSE, the stock closed up by 16.11 per cent at Rs 1,632.20.
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