Life Insurance Corporation of India in an exchange filing on Tuesday said that it had cut its stake in Tata Motors.

What Happened: As per the filing, the insurance giant’s shareholding in the Tata Group company decreased from 5.110% to 3.092% during the period from August 2015 to December 2023. The average cost for the sale of these 6.70 crore shares was ₹711.65. The total cost of the deal is around ₹4,771 crore.

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The insurer has been a long-time investor in the automobile giant. Tata Motors’ share price has galloped up to new heights this year. Since the start of the year, the stock has surged up over 84%. Just on Monday, Tata Motors’ share price hit a new 52-week high of ₹734.75.

Last week, Tata Motors was granted the country's first Green Hydrogen Fuel Cell EV approval for their TATA STARBUS 4/12 FCEV model. Earlier this month, the company also announced that starting Jan 1, it plans to implement a 3% price hike for all its commercial vehicle offerings.

Price Action: Tata Motors’ share price was down 0.26% to trade at ₹728.90 on Tuesday afternoon.

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