New Delhi:
The government on Friday said it is “concerned” over the temporary default in shares of Life Insurance Corporation (LIC) and the insurer’s management will look into these aspects and enhance shareholders’ value.
LIC was listed on the stock market on May 17 at Rs 872 per share. The government had fixed the issue price of LIC’s shares at Rs 949 after a successful initial public offering (IPO), which was oversubscribed almost three times.
Since the day of listing, LIC shares have remained below the issue price and touched a low of Rs 708.70 and a high of Rs 920.
Tuhin Kanta Pandey, Secretary, DIPAM said, “We are very concerned about the temporary blip in LIC share price. It will take time for people to understand LIC (Fundamentals). LIC Management will look into all these aspects and value the shareholders. will increase.”
LIC’s stock closed at Rs 709.70 on BSE on Friday.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)