Life Insurance Corp. of India (LIC) reaped windfall gains in the December quarter, selling a record $4.7 billion worth of shares of listed domestic companies as the shares reached all-time highs during the market bull run.
According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to â¹39,163 crore-the highest ever in the third quarter of a financial year.
"Most stocks that were sold during the quarter by LIC were at their highest ever price levels, which means the actual value of the share sale by LIC could be far higher than even â¹50,000 crore," said a person aware of the developments at LIC.
At â¹39,163 crore, LIC has raked in 31% more money from shares of Indian companies in the December quarter of FY24, compared to â¹29,900 crore in the same quarter a year ago.
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