Stocks

Life insurance cos fall as govt forms task force to re-draft direct tax law

BL Internet Desk Chennai | Updated on January 09, 2018

Shares of life insurance companies fell 3-5.5 per cent as the government has constituted a task force to draft new tax legislation.

The Centre has embarked on re-writing the decades-old Income Tax Act, 1961. To this effect, the Finance Ministry had on Wednesday announced the setting up of a task force to draft a new direct tax legislation.

The new legislation will be drafted keeping in mind the direct tax system in other countries, international best practices and the economic needs of the country, it added.

SBI Life Insurance Co Ltd dropped as much as 3.3 per cent to Rs 670, while HDFC Standard Life Insurance Co Ltd fell as much as 5.3 per cent to Rs 374. Both companies post their biggest intraday percentage loss since IPOs this year.

ICICI Prudential Life Insurance Co Ltd slumped nearly 5 per cent to Rs 375.6, posting its biggest intraday percentage loss since September 20. Max Financial Services Ltd plunged as much as 4.1 per cent to Rs 561 rupees, lowest since November 17.

(With inputs from Reuters)

Published on November 23, 2017

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