Looking at today’s closing data, LIC has registered a decline of 18.08 per cent from its issue price of Rs 949.
New Delhi:
Shares of Life Insurance Corporation of India (LIC), the country’s largest insurance company and largest domestic financial investor, closed at a record low of Rs 777.40, down 2.86 per cent. The stock touched an all-time low of Rs 775.40 on the BSE index. LIC closed at 776.50, down 2.97 per cent on the NSE. Looking at today’s closing data, LIC has registered a decline of 18.08 per cent from its issue price of Rs 949.
Here’s your 5-point cheat-sheet for this big story:
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The slowdown has pulled LIC’s market capitalization below Rs 5 lakh crore for the first time. The market capitalization of LIC fell to Rs 4.91 lakh crore on Monday. 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 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.