HDFC Life Insurance Shares End Over 6% Higher

New Delhi: Shares of HDFC Life Insurance ended more than 6 percent higher on Monday after the Reserve Bank gave its nod to HDFC Bank and HDFC Ltd to raise their stake in the private insurer.

The stock of the company jumped 6.66 percent to close at Rs 547.50 apiece on the BSE. During the day, the shares rallied 8.05 percent to hit a day high of Rs 554.60 per scrip. (Also Read: SBI FD vs Post Office Fixed Deposits: Which One Should You Choose?)

On the NSE, it zoomed 6.40 percent to settle at Rs 546.15 per piece. In volume terms, 6.54 lakh shares of the firm were traded on the BSE and 2.35 crore shares on the NSE during the day. (Also Read: Latest FD Rates 2023: SBI vs HDFC vs ICICI vs PNB vs Canara Bank Compared)

Meanwhile, the 30-share Sensex index closed 401.04 points or 0.67 percent up at 60,056.10 points on Monday.

In a regulatory filing on Friday, HDFC Life Insurance Company said that the Reserve Bank of India (RBI) has permitted HDFC Bank or HDFC to increase their shareholding in HDFC Life Insurance Company and HDFC ERGO General Insurance Company to over 50 percent prior to the effective date of the merger.