Life Insurance Corporation (LIC) has sold a little over 2% 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%, Merck Ltd said in a BSE filing. LIC earlier had 12,74,823 shares in the company constituting 7.68% stake. It sold 3,43,147 shares totalling 2.06%.
Merck’s stock surged to a 52-week high of Rs1,687.30 and trading volume soared over 7.25 times in day trade on BSE. Over 5.5 lakh shares of the company were traded on both NSE and BSE stock exchanges.
Merck shares closed up 16.70% at Rs1,640.85 on the BSE on Monday. source : livemint