New Delhi: State-owned Life Insurance Corporation (LIC) has reduced its stake in Tata group hospitality firm Indian Hotels Company by 2.01 percent as it sold 11.75 crore shares in the open market.
LIC, which had 14.56 percent stake earlier, brought down its shareholding in the company to 12.55 percent by selling shares between November 26, 2009, and December 10, 2014, said in a filing to the BSE.
For the second quarter September 30, 2014 Indian Hotels Company reported a narrowing of its consolidated net loss to Rs 97.69 crore against a net loss of Rs 433.48 crore for the corresponding quarter of the previous fiscal.
Its consolidated total income from operations in the second quarter grew to Rs 937 crore for the quarter under consideration as against Rs 895.92 crore for the same period a year ago.
Shares of Indian Hotels closed at Rs 118.05 apiece, down 2.60 percent from their previous close on the BSE.
