Mumbai: Share Price of Life Insurance Corporation of India (LIC) hit a record low of Rs 782.45 on Monday, which is 17.55 per cent lower than its IPO issue price of Rs 949.
The stock of Life Insurance Corporation of India was trading at Rs 784.15, down 2.01 percent, at 1.27 pm on the BSE.
Earlier, the stock opened flat at Rs 800.25 but saw selling pressure later in the day. In intra-day, it slipped to a low of Rs 782.45. This is the lowest level since its listing on stock exchanges last month.
LIC’s stock is trading in the red mark for the fifth consecutive session. The stock has lost nearly 6 per cent in the last five sessions.
The fall in LIC’s stock is much faster than the normal fall in the market. During this period, the BSE benchmark Sensex has fallen less than 1 per cent.
The recent slowdown has pulled the market capitalization of Life Insurance Corporation of India below Rs 5 lakh crore for the first time. The market capitalization of LIC fell to Rs 4.98 lakh crore on Monday.
The market capitalization of Life Insurance Corporation of India (LIC) at the issue price of Rs 949 was Rs 6,00,242 crore.
Open for subscription from May 4 to May 9, LIC’s initial public offering was subscribed 2.95 times.
The shares of LIC got listed on the stock exchanges on 17th May. Since listing, the stock has closed in positive four sessions. The rest of the days saw selling pressure.
The country’s largest insurance company LIC had fixed its price band for initial public offer (IPO) from Rs 902 to Rs 949 per equity share.
Since the IPO was fully subscribed, the issue price was Rs 949 per share. Policyholders were offered a discount of Rs 60 per share, while retail investors and employees got a discount of Rs 45 per share.
While retail investors got allotment at Rs 905 per share, LIC policyholders were allotted shares at Rs 889 per share.
The stock of Life Insurance Corporation of India was trading at Rs 784.15, down 2.01 percent, at 1.27 pm on the BSE.
Earlier, the stock opened flat at Rs 800.25 but saw selling pressure later in the day. In intra-day, it slipped to a low of Rs 782.45. This is the lowest level since its listing on stock exchanges last month.
LIC’s stock is trading in the red mark for the fifth consecutive session. The stock has lost nearly 6 per cent in the last five sessions.
The fall in LIC’s stock is much faster than the normal fall in the market. During this period, the BSE benchmark Sensex has fallen less than 1 per cent.
The recent slowdown has pulled the market capitalization of Life Insurance Corporation of India below Rs 5 lakh crore for the first time. The market capitalization of LIC fell to Rs 4.98 lakh crore on Monday.
The market capitalization of Life Insurance Corporation of India (LIC) at the issue price of Rs 949 was Rs 6,00,242 crore.
Open for subscription from May 4 to May 9, LIC’s initial public offering was subscribed 2.95 times.
The shares of LIC got listed on the stock exchanges on 17th May. Since listing, the stock has closed in positive four sessions. The rest of the days saw selling pressure.
The country’s largest insurance company LIC had fixed its price band for initial public offer (IPO) from Rs 902 to Rs 949 per equity share.
Since the IPO was fully subscribed, the issue price was Rs 949 per share. Policyholders were offered a discount of Rs 60 per share, while retail investors and employees got a discount of Rs 45 per share.
While retail investors got allotment at Rs 905 per share, LIC policyholders were allotted shares at Rs 889 per share.