LIC shares got listed on the stock exchanges on May 17.
New Delhi:
Shares of Life Insurance Corporation of India (LIC) have hit all-time lows repeatedly in recent days. The state-run insurer’s stock plunged to a new record intraday low of Rs 755.60 on Tuesday, falling as much as 2.80 per cent on the BSE index. On NSE, LIC shares slipped 2.66 per cent to trade at Rs 756.70.
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Investors’ euphoria surrounding LIC 2.0 has turned into worries since its flop debut. The market capitalisation of LIC fell to around Rs 4.79 lakh crore on Tuesday, down more than Rs 1.2 lakh crore. At the issue price of Rs 949, LIC’s market valuation stood a little over Rs 6 lakh crore.
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Indian equity benchmarks have seen volatile moves in the past week amid worries over surging inflation and an expected interest rate hike by Reserve Bank of India (RBI) in its policy meeting, due on June 8.
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LIC shares got listed on the stock exchanges on May 17. Since its listing, the scrip has closed in the green for just four trading sessions. The stock has been falling for the past six days.
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Last week, the state-run insurer posted a 17 per cent decline (yearly) in consolidated net profit at Rs 2,410 crore for the March 2022 quarter. However, LIC’s net premium income stood 17.9 per cent higher at Rs 1.4 lakh crore from Rs 1.2 lakh crore in the corresponding quarter year ago.
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Policyholders were offered a discount of Rs 60 per equity share, while retail investors and employees received a discount of Rs 45 on each share. LIC policyholders were allotted shares at Rs 889 per share, while retail investors got the allotment at Rs 905 per share.