LIC Shares Continue To Fall, Down 24% From Issue Price: 5 Points
LIC fell 14.19 per cent in eight consecutive trading days.
New Delhi:
Shares of Life Insurance Corporation of India (LIC), the country’s largest insurance company and largest domestic financial investor, fell for the eighth consecutive session on Thursday. The stock closed at a record low of Rs 721.95, down 2.17 per cent. It touched an all-time low of Rs 720.05 on the BSE index. LIC closed at Rs 721.60, down 2.23 per cent on the NSE. Looking at today’s closing figures, LIC has registered a decline of 23.96 percent from its issue price of Rs 949. The stock fell 14.19 per cent in eight consecutive trading days.
Here’s your 5-point cheat-sheet for this story:
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The market capitalization of LIC today fell to Rs 4.57 lakh crore. In less than a month of its listing, almost a quarter of LIC’s market value has been wiped out. At the issue price of Rs 949, LIC had a market valuation of a little over Rs 6 lakh crore.
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The shares of LIC got listed on the stock exchanges on 17th May. Since its listing, the stock has closed in the green for just four trading sessions.
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Last week, the state-run insurer reported a 17 per cent decline (annual) in consolidated net profit at Rs 2,410 crore for the March 2022 quarter.
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However, LIC’s net premium income grew 17.9 per cent to Rs 1.4 lakh crore, from Rs 1.2 lakh crore in the same quarter a year ago.
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Policyholders were offered a discount of Rs 60 per share, while retail investors and employees got a discount of Rs 45 per share. Shares were allotted to LIC policyholders at Rs 889 per share, while retail investors got allotment at Rs 905 per share.
