State-owned Life Insurance Corporation (LIC) has reduced its stake in textile and apparel major Raymond&by 2.01 per cent, selling 12.37 lakh shares in the open market. LIC, which had 5.53 per cent stake earlier, brought down its shareholding in the company to 3.51 per cent by selling shares between October 11, 2016 to September 4, 2017, Raymond said in a filing to the BSE.