Mumbai : The Mahindra & Mahindra on Saturday said the Life Insurance Corporation of India (LIC) has brought down its stake to less than 10 per cent in the company by divesting around two per cent of its holding in the firm.

After the stake sale, the life insurer now has 9.958 per cent stake in the company, it said in a regulatory filing.

The LIC earlier had 11.95 per cent stake in the company, it added.

The insurance firm has sold more than 1.24 crore shares through market sale, the company added.

—IANS