For the financial services sector, the Union budget 2023 was a mixed bag. Investors in stocks of banking and non-banking financial firms heaved a sigh of relief as the budget did not throw any negative surprises. On the flipside, shares of insurance companies took a deep knock. Among the losers were HDFC Life Insurance Co. Ltd, ICICI Prudential Life Insurance Co. Ltd (IPRU) and SBI Life Insurance Co. Ltd whose stocks slumped by 8%-12% on Wednesday.
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