June 25, 2019 / 4:20 AM / in 4 months

BUZZ-India's SBI Life Insurance drops on promoter's plan to sell shares at discount

** SBI Life Insurance Co Ltd’s shares fall as much as 5.4% to 672.35 rupees, in their biggest intraday loss since March 29

** Promoter BNP Paribas Cardif announces offer for sale of up to 25 mln SBIL shares

** Shares to be sold at 650 rupees/share, an 8.5% discount to last closing price of 710.45 rupees

** SBIL Deputy CEO Hautiere-Rey resigned last month; BNP Paribas reports 838 mln euros capital gain for Q1 from SBIL stake sale in March

** Up to Monday’s close, SBIL stock had risen 18.9% this year

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