LIC Housing scrip falls sixth day in a row

LIC Housing Finance continued its downward spiral for the sixth consecutive session today, 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.

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.

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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.