Insurance behemoth lIC has reduced stake in the leading textile manufacturer Arvind ltd by around 2 per cent over 9 years. The corporation has sold 51.85 lakh shares of the Ahmadabad-based Arvind ltd between November 22, 2007 and October 7, 2016, the textile manufacturer said in a BSE filing. Before the sale, lIC had 1.65 crore shares of Arvind ltd, constituting 6.409 per cent stake in the textiles maker.