Life Insurance Corporation of India has picked 9.94% stake in Credit Analysis and Research (CARE) for Rs 4,187.74 million on Wednesday. It has purchased 2.88 million shares at a price of Rs 1,453 a share on the Bombay Stock Echange (BSE).

On the other hand, IDBI Bank has sold 10% stake in the credit rating agency for Rs 4213.96 million. It sold 2.9 million shares at an average price of Rs 1,453.09 a share.

Shares of the company declined Rs 18.45, or 1.23%, to settle at Rs 1,487.55. The total volume of shares traded was 2,933,949 at the BSE (Wednesday).