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SBI Life insurance falls after SEBI pulls up the company for not complying with MPS norms

SBI Life Insurance Company is currently trading at Rs. 792.35, down by 3.30 points or 0.41% from its previous closing of Rs. 795.65 on the BSE.

The scrip opened at Rs. 794.85 and has touched a high and low of Rs. 797.60 and Rs. 777.15 respectively. So far 20498 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 862.40 on 20-Aug-2019 and a 52 week low of Rs. 487.00 on 01-Oct-2018.

Last one week high and low of the scrip stood at Rs. 825.00 and Rs. 777.15 respectively. The current market cap of the company is Rs. 79305.00 crore.

The promoters holding in the company stood at 67.30%, while Institutions and Non-Institutions held 25.56% and 7.13% respectively.

Securities and Exchange Board of India (SEBI) has pulled up SBI Life insurance for not complying with minimum public shareholding (MPS) norms and directed the insurer to be cautious in the future. The SEBI also pointed out that the shares sale between March 7 and April 1, 2019 in the open market were not undertaken with a view to complying with MPS norms of 25 per cent.

SBI Life Insurance Company is a joint venture between the State Bank of India and the French financial services heavyweight BNP Paribas Cardiff.

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