LIC shares hit all-time low, m-cap fell by over Rs 94,000 crore
Life Insurance Corporation of India’s (LIC)’s much-hyped public offering, listing and the company’s stock performance has taken its start from bad to worse.
Here’s your 5-point guide to the story:
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On BSE, LIC’s stock closed at its all-time low of Rs 800.25 per share on Friday, hitting an all-time low of Rs 800.
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The stock hit a life-high of 920.00 a few days after it was listed on the stock exchanges, down more than 15 per cent from its issue price of Rs 949 per share.
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After Friday’s close, the market capitalization (m-cap) of LIC was around Rs 5,06,158, reflecting a valuation loss of over Rs 94,000 crore from the issue price and Rs 51,517 crore from the discounted listing price. .
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At the issue price of Rs 949, LIC’s m-cap was Rs 6,00,242 crore; Based on the listing price on BSE, LIC’s valuation fell to Rs 5,57,675 crore, resulting in a loss of around Rs 42,500 crore.
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While the decline in the insurance giant’s share prices tracks the broader performance of global equities, the stock’s performance hasn’t ended the company’s this phase as “LIC 2.0”.