Life Insurance Corporation (LIC) shares hit a fresh low after falling nearly 2 per cent on Friday morning
Life Insurance Corporation (LIC) shares hit a fresh low after falling nearly 2 per cent on Friday morning. The scrip was down 1.71 per cent at Rs 657.90 at around 9:40 am. The stock was listed on May 17 after Rs 21,000 crore initial public offering (IPO). The insurance behemoth had a market cap of around 6.5 lakh crore on listing that now stands at Rs 4.17 lakh crore. Since listing, LIC has declined 32 per cent from its issue price of Rs 949 a share.
The selloff in LIC shares intensified after anchor’s lock-in period ended. They comprise of large institutions who buy ahead of an IPO to generate demand and had cornered Rs 5,627.3 crore worth of shares in the Rs 21,000-crore IPO—the nation’s largest.
