LIC Share Price: Extending the sell-off for the fifth straight session, Life Insurance Corporation of India (LIC) shares hit new lows today in deals on Monday morning. LIC share price opened today Went to new lows of 800.25 each on the NSE and Its market price is falling down at 786.10 each level in the opening bell around 5 lakh crore 4.97 lakh crores.
lic share price today is about 17 percent lower than the upper price band of 949 per equity share LIC IPO, Stock market experts believe that LIC shares may fall further as the 30-day lock-in of anchor investors will end by the middle of this month.
Asking positional investors to stay away from discounted buying in LIC shares, Saurabh Jain, Vice President – Research, SMC Global Securities said, “The LIC IPO listing was weak as FII participation in the stock was almost nil. Also, there is Overhand of one-month lock-in for anchor investors. Once the one-month lock-in for anchor investors is over, LIC shares may expect a higher sell-off. Hence, positional investors in respect of LIC shares My advice is to avoid as its Q4 earnings are also not encouraging.”
Sumeet Bagdia, Executive Director, Choice Broking said, “LIC share price is following chart pattern and my advice to new investors is to avoid taking any position in LIC shares at current levels.”
On suggestions from long-term investors who have LIC shares in their portfolio, Bagadia said, “LIC may go up to the share price. 750 level and those who have a long term outlook can hold this stock and average it every 5-6 per cent fall. But, the average should start when it is around 750 levels.”
Last week, brokerage and research firm Emkay said it has launched coverage on LIC shares with a neutral outlook and the stock has a 12-month target price 875, which is less than its initial public offering (IPO) issue price.
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.