The insurance regulator is currently looking into the proposal, an official said
Shares of state-owned general insurance companies - the New India Assurance Company and General Insurance Corporation of India (GIC Re) rallied up to 12 per cent in Wednesday’s intra-day trade amid heavy volumes. In comparison, the S&P BSE Sensex was up 0.39 per cent at 62,778 at 12:10 pm.
Individually, shares of GIC Re hit surged 11 per cent to hit 52-week high of Rs 162.90 per share. Moreover, the stock surpassed its previous high of Rs 153, which it had touched on November 29, 2022. The average trading volumes on the counter jumped over nine-fold, as around 7.8 million shares, changed hands on NSE and BSE.
First Published: Dec 14 2022 | 12:40 PM IST