Shares of Union Bank of India fell over 7 per cent on the Bombay stock Exchange after state-run lender announced to offload 40 per cent stake in its mutual fund business to Dai-ichi Life Insurance Company of Japan. Weighed down by the development, shares of the bank declined as much as 7.58 per cent to hit intra-day low of Rs 124.25 apiece on the Bombay Stock Exchange.
The stocks were currently trading at Rs 125.60 against previous close price of Rs 134.45. In a similar fashion, shares of the lender were trading 6.28 per cent lower at Rs 126.00 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 31,274.73, down 256.60 points, or 0.81 per cent, at 9:45 hours.