NEW DELHI: Country’s biggest institutional investor Life Insurance Corporation of India (LIC) trimmed stake in Nestle IndiaNSE 3.81 % to 2.87 per cent in the March quarter, according to a latest regulatory filing.

The insurance behemoth held 3.04 per cent stake in the FMCG major as of December 2019. LIC sold 1.63 lakh shares during the quarter gone by.

Foreign portfolio investors also cut their stake to 11.81 per cent in the company against 12.07 per cent in the preceding quarter ended December 31.

On the other hand, mutual fund players increased their stake to 4.19 per cent from 4.13 per cent during the same period.

Amid the nationwide lockdown due to coronavirus pandemic, shares of the company hit their all-time high of Rs 17,520.55 on April 8. On a year-to-date basis, Nestle India outpaced the benchmark equity indices with a return of 12 per cent till April 13. On the other hand, the BSE Sensex cracked nearly 26 per cent during the same period.

Nestle India is one of the leading players in the domestic FMCG industry with over 100 years of presence, enjoying market leadership in about 85 per cent  ..

Amid the nationwide lockdown due to coronavirus pandemic, shares of the company hit their all-time high of Rs 17,520.55 on April 8. On a year-to-date basis, Nestle India outpaced the benchmark equity indices with a return of 12 per cent till April 13. On the other hand, the BSE Sensex cracked nearly 26 per cent during the same period

Nestle India is one of the leading players in the domestic FMCG industry with over 100 years of presence, enjoying market leadership in about 85 per cent of its product portfoli