SBI Life Insurance shares recovered almost 17 percent after a steep fall in early trade amid large block deals. The stock recovered and gained as much as 6.7 percent after falling more than 12 percent in early trade.

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The 12 percent fall came after more than 9 percent stake in the company changed hands through block deals. It was the sharpest intra-day fall since its listing on October 3, 2017. The Carlyle Group has announced that it has acquired the 9% stake in SBI Life Insurance Company.

Following this transaction, BNP Paribas Cardif and CA Emerald Investments now own 12.8% and 9.0% of the company, respectively, while SBI remains the majority shareholder with a 62.1% stake in the company. Earlier, BNP Paribas Cardif had 22 percent stake in the company, according to BSE.

At 09:15 am, around 91.37 million equity shares, representing 9.14 per cent equity of SBI Life Insurance, changed hands on BSE, the exchange data shows.

The stock is currently trading at Rs 595, up 2.5 percent as compared to 0.4 percent rise in the S&P BSE Sensex.

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First Published:Mar 1, 2019 11:40 AM IST