India’s largest life insurer, Life Insurance Corporation of India (LIC), said it has reduced its ownership in Voltas.

What Happened: LIC said in a regulatory filing it has slashed its stake in Voltas from 6.85% on June 12 to 4.75% On August 12. The insurer said the sale was executed through open market transactions.

LIC has been trimming its stake in Voltas, according to the shareholding pattern of Voltas, LIC had a 7.21% stake in the company till March 30. The insurer then reduced it to 5.97%, according to data for the June quarter.

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The stake sale comes after Voltas reported a strong June quarter. In its Q1 results, Voltas reported a 158% year-on-year jump in net profit to ₹334.23 crore.

Its revenue rose 46% to ₹4,921 crore. The company maintained its market leadership in both the split air-conditioner and window air-conditioner segments. The strong results sent its shares to a 52-week high.

LIC recently increased stakes in Bharat Forge and Power Grid in July.

Price Action: Shares of Voltas fell 0.79% to ₹1,570.10 after the announcement came out. The stock has gone up 60.79% so far this year.

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