GST status quo disappoints traders, insurance bulls run for cover
insurance products unchanged.
HDFC Life fell 4.4% to ₹703.40, ICICI Prudential Life declined 1.5% to ₹746.50 and ICICI Lombard General Insurance dropped 2.7% to ₹2,172.
«There was profit booking because the market had earlier expected the proposal of GST reduction on term insurance and health insurance to be approved in Monday's GST Council meeting,» said Rahul Malani, equity research analyst at Sharekhan. «However, the proposal has been deferred, which was not along expected lines.»
At present, an 18% GST is levied on insurance products. The industry is lobbying to cut this rate to 12%.
The finance minister has announced the formation of a group of ministers (GoM) which will review the proposal and submit its findings before the next meeting in November.
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Analysts said the decline in the industry's growth in August also disappointed the market.
«We saw a fall in life insurance stocks on Tuesday after the data for August
