HDFC Life hits lowest level since May 2020; slumps 17% in two days

The government has lifted tax exemption on life insurance policies issued with aggregate premium of over Rs 5 lakh in a year (other than Ulips) with effect from April 1, 2023

Shares of HDFC Life Insurance Company hit slipped 6 per cent to hit an over two-year low of Rs 483.10 on the BSE in Thursday’s intra-day trade on the back of heavy volumes. The stock was quoting at its lowest level since May 2020.

In the past two trading days, the stock of the life insurance company has plunged 17 per cent as the Budget's proposal to tax life insurance products with annual premiums of over Rs 5 lakh may hit the insurance players' top lines by 10-12 per cent.

At 02:58 pm; HDFC Life was quoting 4.5