Things seem to be going from bad to worse for investors who placed their trust in LIC after its mega IPO. After a disappointing debut on listing day last month, the insurance giant¡¯s shares hit an all-time low mark after today's trading session.
Life Insurance Corporation of India (LIC)¡¯s shares slumped to a record low on both NSE and BSE today.
The stock touched an all-time intraday low of ? 777.40 on the BSE index, i.e. 22.85 points down (2.86%). Whereas on the NSE, LIC slipped 23.75 points (2.97%) to close the trade today at an all-time low of ?776.50.?
This is the lowest level since its much anticipated listing on the stock exchanges last month.?Considering today's closing figures, LIC has plunged more than 18% on both BSE and NSE v/s from its issue price of ? 949.?LIC had opened the day at ?800.25 on both the national stock exchanges.
And that¡¯s not all.
The recent slump has dragged LIC¡¯s market capitalization below ? 5 lakh crore for the first time as per reports. The market capitalization of LIC reportedly fell to ? 4.98 lakh crore today.
At the issue price of ? 949 the market capitalization of Life Insurance Corporation (LIC) of India stood at ? 6,00,242 crore, as per an NDTV report.
The initial public offering of LIC, which was open for subscription from May 4 to May 9, was reportedly subscribed 2.95 times.
Post the mega IPO, LIC shares had got listed on the stock exchanges on May 17th 2022 at an over 8% discount. Since its listing, the stock has reportedly closed in the positive for only four sessions. For the rest of the days, it has witnessed selling pressure, the NDTV report said.
The country's largest insurer LIC had set its price band for the Initial Public Offer (IPO) at ? 902 to ? 949 per equity share. As the IPO was fully subscribed the issue price stood at ? 949 per share.
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