SBI Life Insurance shares fell as much as 6.5 percent after a block deal on the National Stock Exchange saw 2.7 percent stake in the company changing hands at Rs 948.4 apiece. The block deal price was a steep discount of over 5 percent from its Monday's closing price of Rs 1,000.05.

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Private equity firm Carlyle Group, which had acquired over 9 percent stake in the insurance firm in March, was planning to offload 3 percent, or 3 crore shares, of the insurance firm through a block deal route on Tuesday at an impressive 86 percent profit in just eight months, as per an ET report.

Carlyle through its investment firm CA Emerald Investments had bought 9.2 percent stake in SBI Life for about Rs 4,635 crore.

The block deal could have raised up to Rs 2,820 crore, it further said, while adding that JP Morgan India is acting as the broker for the deal.

For the quarter ended on September of the current fiscal year, SBI Life reported over 48 percent decline in its net profit at Rs 129.84 crore compared to a net profit of Rs 250.53 crore in the corresponding quarter of previous year.

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The company's total premium income during July-September rose to Rs 12,745.38 crore as against Rs 9,638.27 crore in the year-ago period.

At 11.33 am, SBI Life Insurance Co ltd shares quoted at Rs 943.95, down by 5.6 percent. The stock has touched the day's high and low at Rs 970 and Rs 930 per share, respectively.

So far, 4,94,52,628 shares have changed hands on NSE. Overall, 5.38 crore shares have changed hands on both bourses, according to marketsmojo.com.

So far this year, SBI Life shares have returned nearly 58 percent to its investors, while the one-year return on the stock is more than 66 percent.

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SBI Life Insurance is a joint venture life insurance company between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris.

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