LIC Housing Finance continued its downward spiral for the sixth consecutive session on Friday, with the scrip shedding over 7% in early trade on the BSE, presumably hit by the Employees Provident Fund Organisation's (EPFO) decision to suspend further investments in the company. The government passed a directive yesterday to the EPFO, barring it from any further investments in LIC Housing Finance, a subsidiary of the largest insurer in the country, Life Insurance Corporation (LIC). The injunction will last till the CBI inquiry in the bribes-for-loans scam is over.
The LIC Housing scrip has declined over 15% in the last five trading sessions. On Friday too the scrip started the day on a subdued note and plunged by 7.49% to Rs 827.05 per piece on the BSE. On the National Stock Exchange (NSE), the company scrip dipped 6.5%t to trade at Rs 828 in the morning session.