The offer price being 8.2 per cent below Monday's closing price at Rs389.8 led to sell off.
HDFC Life Insurance shares fell over 5 per cent on 4.93 per cent stake sale announcement by Standard Life, the joint venture partner. On BSE, the scrip ended at Rs 371.45, down 4.71 per cent from the previous close. On NSE, the shares fell 5.12 per cent to settle at Rs 370.50. On Monday HDFC Life Insurance informed stock exchanges that one of its promoters, will sell stake through an offer for sale on March 12, and the floor price for the sale will be Rs 357.50 per share. The offer price being 8.2 per cent below Monday's closing price at Rs389.8 led to sell off.
Airline shares fall
Shares of SpiceJet and Jet Airways fell, the only two domestic airlines which operate Boeing 737 Max 8 planes fell as aviation regulators across the world banned operation of Boeing 737 Max 8 planes after two deadly crashes that killed over 300 people. Spice jet shares were down 5.29 per cent while Jet airways fell 0.97 per cent on BSE.
Adani stocks rise sharply
Adani Group stocks rose sharply on Tuesday outperforming markets gains as investors lapped up shares expecting the business house from BJP led NDA coming to power. Flagship Adani Group Company Adani Enterprises rose 6.76 per cent on BSE. Adani Green Energy rose 8.00 per cent as current government has encouraged solar power generation. Other gainers included Adani Ports and Special Economic Zone (2.92 per cent), Adani Gas (2.79 per cent), Adani Transmission (2.07 per cent) and Adani Power (1.26 per cent).