Life Insurance Corporation (LIC) of India has increased its stake in pharma major Dr Reddy’s Laboratories from 3.64 per cent to 5.65 per cent. The little over 2 per cent increase in the holding in the Hyderabad-based company by LIC was done during the period from September 3, 2021, to June 15, 2022, through open market purchase at an average cost of ₹4,670.46 per share, the corporation informed the BSE on Thursday.
The market capitalisation of Dr Reddy’s has been pegged at ₹72,162 crore, as per the intimation.;
The stock of LIC lost 3.08 per cent on the BSE on Thursday to end at ₹669.20, while the scrip of Dr Reddy’s lost 1.15 per cent to close at ₹4,287.