Market cap

LIC market capitalization down by Rs 1.32 lakh cr since IPO; stocks plunge to new low

LIC m-cap down Rs 1.32 lakh cr since IPO; stocks plunge to all-time low

Photo: BCCL

Insurance giant Life Insurance Corporation of India (LIC) has seen its market capitalization shrink by a whopping Rs 1.32 lakh crore since its IPO, with shares hitting a new lifetime low at Rs 666, 90 Monday.

Its m-cap fell to Rs 4.23 lakh crore from Rs 5.54 lakh crore on the list.

According to a Bloomberg report, the $17 billion loss in market value made LIC one of the biggest wealth destroyers among initial public offerings in Asia this year.

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Shares of Life Insurance Corporation of India continued to fall for the tenth consecutive day on Monday and fell nearly 6%.

The stock fell 5.85% to settle at 668.20 rupees apiece on BSE. During the day, it plunged 6% to Rs 666.90.

On the NSE, it fell 5.66% to end at Rs 669.50 each.

Shares of the company have fallen over the past ten days, losing 20.17%.

LIC went public on May 17. The government had fixed the issue price of LIC shares at Rs 949 each after a successful initial public offering (IPO) which was oversubscribed almost 3 times.

Candidates received LIC shares on May 12.

The share has fallen 29.58% so far from its issue price of Rs 949.

“LIC is collapsing as the anchor lock comes to an end,” said Mohit Nigam, Head – PMS at Hem Securities.

The company ranks seventh in the ranking of the top 10 companies by market valuation. It has a market capitalization (mcap) of Rs 4,22,636.35 crore.