Life Insurance Corporation (LIC) has reduced its stake in Chennai Petroleum Corporation (CPCL) to 5.04% from 7.05%. The country’s largest insurer has sold 29.94 lakh shares or 2.01% stake in the company between October 27, 2009 and October 1, 2015 through open market sale.
CPCL’s main products are LPG, Motor Spirit, Superior Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Bitumen, Lube Base Stocks, Paraffin Wax, Fuel Oil, Hexane and Petrochemical feed stocks.