LIC share price at new low since market debut
LIC Share Price: Share price of Life Insurance Corporation (LIC) on Monday hit an all-time low after falling nearly 3 per cent in today’s session. While LIC’s stock closed at Rs 776.50 on NSE after falling 2.97 per cent, it closed at Rs 777.40 on BSE after moving south by 2.86 per cent.
This is the lowest level since the listing of the state-run insurance giant on May 17. According to BSE data, the market capitalization of the insurer fell below Rs 5 lakh crore after today’s fall. Market capitalization is the total valuation of a company based on its share price.
With today’s fall, LIC’s share price has come down 17 per cent from the issue price of Rs 949.
Manoj Dalmiya, Founder & Director, Proficient Equities said, “After a consolidation, LIC shares have breached the 800 level. It can go up to Rs 770 and Rs 749 levels. Investors should avoid taking heavy positions and buy on dips strategy. ,
Shares of the country’s largest insurance company LIC had a weak start in the stock markets. Its shares were listed on NSE with a discount of 8.11 per cent at Rs 872 per share. The shares started trading at Rs 867.20 on the BSE, down 8.62 per cent from the issue price.
The government sold 22.13 crore shares or 3.5 per cent stake in LIC through IPO. It earned Rs 20,557 crore. LIC IPO was also India’s biggest IPO till date. Paytm IPO raised Rs 18,300 crore in 2021, surpassing state-owned Coal India’s record of around Rs 15,500 crore in 2010. Anil Ambani’s Reliance Power raised Rs 11,700 crore through a public offering in 2008.
According to BSE data, LIC had made it to the list of top five most valuable companies in the country with a market capitalization of Rs 5.54 lakh crore on the day of listing.
LIC was formed on September 1, 1956 by merging and nationalizing 245 private life insurance companies with an initial capital of Rs 5 crore.
Read more: LIC made a weak debut in the stock market, listed at 8% discount