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LIC decreases stake by 2 percent in air conditioners giant Voltas | Mint

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Life Insurance Corporation of India (LIC) has reduced its equity stake in Voltas, dropping from 6.856% to 4.754%. LIC purchased 15,731,283 shares of Voltas at an average cost of ₹1,502.931 per share. Voltas, an EPC contractor in the air conditioning and refrigeration sector, reported a two-fold increase in net profit for Q1 2024, reaching ₹335 crores. Additionally, the company achieved over one million units of AC sales during this period with total income surpassing the ₹5,000-crore mark. However, Voltas' share price dropped 10.45% on August 13.