/ LIC Suffers Most From ITC’s Dip ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Tuesday, 18 July 2017

Life Insurance Corporation suffered a loss of over Rs 7,000 crore as ITC dipped nearly 13% at Rs 283.80 per share.

LIC held 16.29% in the cigarette maker as of June 30, 2017. Domestic insurance companies collectively lost Rs 10,000 crore, while FPIs lost Rs 9,000 crore in what was the biggest fall in the ITC stock since 1992.

LIC has been slowly raising stake in the cigarette maker for some time now, from 12.63% four years ago and 14.34% as of June 2016. 

The dip in ITC can be attributed to the GST Council’s move on Monday wherein it hiked compensation cess on cigarettes to ensure that the effective tax rate does not reduce post-GST.

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