LIC adds 40 million ONGC shares in 50 days; stock price slips 10%!
To buy more than 40 million shares since 30th September 2010, LIC would have had to pick up more than 8,00,000 shares a day; but the delivery numbers just don’t add up
The September shareholding pattern of Oil & Natural Gas Corporation (ONGC) shows that Life Insurance Corporation (LIC) holds 3.1% or 66 million shares of the country’s biggest oil explorer. However, in a communication to the Bombay Stock Exchange on Tuesday, LIC said that it now holds more than 5% of ONGC.
LIC made its latest acquisition of 2.6 lakh shares of ONGC on 19th November, thereby increasing its total share in the company to over 5%. The mode of this buy was given as market purchases. It now holds a total 106,939,073 shares of ONGC compared with about 66,206,426 shares in September.
This means that between 30th September 2010 and 19th November 2010, LIC acquired a whopping 40,732,647 shares! The total average trading volume in ONGC shares in this period was 9,82,000 shares per day and the deliverable volume has been only 6,15,000 shares per day. For more visit: Moneylife.in
Tags: LIC Housing, ONGC
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