The stock of Life Insurance Corporation of India (LIC), the country’s largest insurer and domestic financial investor, fell from 2.86 percent to a new low of Rs. 777.40. On the BSE index, the stock hit an all-time intraday low of Rs. 775.40. LIC closed at Rs. 776.50 on the NSE, up 2.97 percent. LIC has dropped 18.08 percent from its issue price of Rs. 949 to today’s closing price.
For the first time, LIC’s market capitalization has fallen below Rs. 5 lakh crore. On Monday, LIC’s market capitalization fell to Rs. 4.91 lakh crore. The market value of LIC was just over Rs. 6 lakh crore at the issue price of Rs. 949.
On May 17, LIC shares were listed on stock exchanges. Only four trading sessions have ended in the green since the scrip was listed.
The state-run insurer reported a 17 percent (yearly) drop in total net profit for the March 2022 quarter, coming in at Rs. 2,410 crore.
LIC’s net premium income, on the other hand, increased 17.9% to Rs. 1.4 lakh crore from Rs. 1.2 lakh crore in the previous quarter.
Policyholders were provided a discount of Rs. 60 per equity share, while retail investors and employees received a discount of Rs. 45. LIC policyholders received shares at a price of Rs. 889 per share, while retail investors received the allotment at Rs. 905 per share.