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BUZZ-India's life insurance cos fall on concerns of higher tax
November 23, 2017 / 7:46 AM / 21 days ago

BUZZ-India's life insurance cos fall on concerns of higher tax

** Shares of India’s life insurance companies fall 3-5.5 pct

** The falls come after the government constitutes a task force to draft new tax legislation, according to a statement on Wednesday from the Ministry of Finance

** Among measures, the task force will consider increasing the income tax paid by life insurers to 25 percent from current 14.3 pct, Kotak Institutional Equities says in a note

** SBI Life Insurance Co Ltd drops as much as 3.3 pct to 670 rupees, while HDFC Standard Life Insurance Co Ltd falls as much as 5.3 pct to 374 rupees

** Both companies post their biggest intraday pct loss since IPOs this year

** ICICI Prudential Life Insurance Co Ltd slides nearly 5 pct to 375.6 rupees, posting its biggest intraday pct loss since Sept 20

** Max Financial Services Ltd plunges as much as 4.1 pct to 561 rupees, lowest since Nov 17

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