Shares of Reliance Capital surged by 4 per cent on the bourses today after the company said it has received in-principle approval from insurance sector regulator IRDA for its proposed 26 per cent stake sale in Reliance Life Insurance to Japan’s Nippon Life.
After starting the day on a positive note, the stock jumped by 3.69 per cent to a high of Rs 417 on the Bombay Stock Exchange.
A similar trend was seen on the National Stock Exchange, where the stock rose by 4 per cent to an early high of Rs 417.70.
However, the stock later pared some of the gains and was trading 1.13 per cent higher at Rs 406.70 at 11 a.m. hours on BSE.