New Delhi, Jan 22: Drug firm Dr Reddy's Laboratories on Tuesday said state-run Life Insurance Corporation (LIC) has cut its stake in the company to 6.31 per cent by selling shares worth Rs 875.29 crore in the open market.
LIC held 8.38 per cent stake in the pharma major before offloading about 35.25 lakh shares, accounting for around 2.07 per cent shareholding.
The insurer has reduced its stake to 6.31 per cent through the open market sales, Dr Reddy's Laboratories said in a filing to the BSE.
LIC has sold 35.25 lakh shares via market sale, the filing said.
Following the transaction, LIC's total shareholding in the company has come down to 6.31 per cent from 8.38 per cent, it added.
Dr Reddy's scrip closed at Rs 1,913.10 on the BSE, down 0.45 per cent.