Government has expressed concern over falling LIC shares
New Delhi:
Government on Friday said it is “concerned” about the temporary blip in Life Insurance Corporation’s (LIC) scrip and the insurer’s management will look into these aspects and raise shareholders’ value.
LIC was listed on the bourses on May 17 at Rs 872 a share. Government had fixed the issue price of LIC shares at Rs 949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly three times.
Since the day of listing, LIC shares have remained below the issue price and had touched a low of Rs 708.70 and a high of Rs 920.
“We are very concerned about the temporary blip in LIC share price. People will take time to understand (fundamentals of) LIC. LIC management will look into all these aspects and will raise the shareholders’ value,” DIPAM secretary Tuhin Kanta Pandey said.
Shares of LIC closed at Rs 709.70 on the BSE on Friday.
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