LIC (Life Insurance Corporation of India), on 14 September, had divested a 2.011% stake in Sun Pharmaceutical Industries Ltd, taking its stake in the company from 5.023% to 3.012%.

The company said in its exchange filing that it had diluted 4,82,56,054 shares of Sun Pharmaceutical Industries Ltd from 12,05,24,944 to 7,22,68,890 equity shares, taking its total holding in the company from 5.023% to 3.012% of the paid-up capital.

The transaction was done through an open market transaction between 22 July and 13 September at an average price of Rs 973.80 per share.

Earlier, the company also reduced its stake in Dr Reddy’s Laboratories by selling a 2% stake in Dr Reddy’s during the period of 10 March to 11 September at an average price of Rs 5,705.43 per share and took its total stake in the company from 9.681% to 7.628%.

In its quarterly report for the April-June quarter, the company reported a 1.86% YoY decrease in its net profit to Rs 2,022.54 crore from Rs 2,060.88 crore reported in the year-ago quarter.