New India Assurance Company shares rise 3% on divestment reports by govt

New India Assurance Company share price rose over 3 percent intraday on June 7 on reports that the government is planning to divest its stake in the company by September 2021.

The government is planning to divest approximately 10 percent stake in New India Assurance via OFS by September 2021 to comply with minimum public shareholding norms, reported CNBC-TV18 quoting Source.

The government holds approximately 85.44% stake in New India Assurance as on March 2021. At 11:44 hrs, New India Assurance Company was quoting at Rs 178.35, up Rs 4.15, or 2.38 percent on the BSE.

The share touched a 52-week high of Rs 197 and a 52-week low of Rs 99.55 on 19 February, 2021 and 05 November, 2020, respectively.

Currently, it is trading 9.16 percent below its 52-week high and 79.76 percent above its 52-week low.

Source: Money Control