Stocks of SBI Life and HDFC Life drop 3% and 1.67%, respectively, as the FM tells banks to stop selling insurance and focus on core banking. Stop Misleading!

Finance Minister Nirmala Sitharaman’s advice to banks to focus on core banking caused anxiety in the insurance industry, leading to a drop in shares of life insurance companies SBI Life, HDFC Life, ICICI Prudential, and Max Financial.

SBI life droped by 3 % & HDFC Life dropped by 1.67% on BSE. In hope that they will improve their core banking for it’s own benifit, which can alternatively improve its performance also.

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