Shares of Life Insurance Corporation of India (LIC) fell nearly 4 percent on Friday after global brokerage Jefferies lowered its price target on the stock following the insurer's September quarter results.
The stock was trading at Rs 392.95 per share on the NSE, down 3.69 percent.
Jefferies cut its price target on LIC to Rs 510 per share from Rs 530 earlier. The brokerage also lowered its FY28-29 value of new business (VNB) estimates by 3 percent, citing lower yield-curve benefits.
However, it said new annuity, health and protection products are expected to support growth in the second half of the fiscal.
Distribution reforms, an improving product mix and a recovery in equity markets are expected to support the stock's valuation, the brokerage added.