LIC cuts stake in NMDC by 2%, shares of iron ore stock declines

State-owned insurer Life Insurance Corporation of India (LIC) has reduced its stake in iron ore producer NMDC Ltd by 2 percent, as reported in an exchange filing. Following the stake sale, LIC's ownership in the state-run iron ore mining company has declined from 7.6 percent to 5.6 percent. The insurer sold over 5.91 crore shares, representing a 2 percent stake in NMDC, through a series of market transactions conducted from September 2023 to December 2024. 

According to the regulatory filing on Friday, LIC's holding of NMDC equity shares with voting rights decreased from 22,31,79,025 shares (representing 7.6 percent of the total voting capital) to 16,40,59,791 shares (accounting for 5.6 percent). 

Additionally, last month, LIC announced the sale of more than 2.02 percent of its stake in Tata Power for approximately Rs 2,888 crore, bringing its holding in that company down to 3.88 percent. On Friday, NMDC's shares fell 2.91 percent, closing at Rs 233.70 each on the Bombay Stock Exchange (BSE).

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