Bloodbath Continues For Insurance Giant LIC! Shares Fall To A Low Of Rs 588
LIC's shares slumped 2% to a new record low of Rs 588 on both the NSE and BSE today. ?Today also marked new all-time lows for PB Fintech and Delhivery.
Things seem to be going from bad to worse for those who invested in insurance giant LIC¡¯s IPO. After a disappointing debut on listing day In May 2022, LIC¡¯s shares continued to bleed and reach new all-time lows in the past 4 months, with the first instance being barely a month after the IPO, i.e., in June.
And today is no exception. LIC shares have again hit an all-time low mark today.
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Life Insurance Corporation of India¡¯s shares slumped 2% to a new record low of Rs 588 on both the NSE and BSE during intra-day trading today, and closed at Rs 588.95 on the NSE and Rs 589.30 on the BSE, after opening the day at Rs 601 on the BSE and Rs 601.15 on the NSE in the morning.
Considering today's closing figures,LIC's share price has plunged more than 32% on both the BSE and NSE, since the day it got listed after IPO.
All this comes even after the mega IPO of LIC, which was open for subscription from May 4 to May 9, got subscribed 2.95 times.
The country's largest insurer, LIC, had set its price band for the Initial Public Offer (IPO) at Rs 902 to Rs 949 per equity share. As the IPO was fully subscribed, the issue price stood at Rs 949 per share.
LIC shares were listed on the national stock exchanges on May 17th, 2022, at an over 8% discount, which was the first of many disappointments in line for the investors.
Also Read: SBI Surpasses Insurance Giant LIC To Become The Most Valuable Public Sector Stock
New All-Time Lows For Delhivery & PB Fintech
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And that¡¯s not all.
Today also marked new all-time lows for PB Fintech and for Delhivery as well both of which had launched their IPOs and got listed on November 15th, 2021 and May 24th, 2022 respectively.
PB Fintech shares fell over 4% to hit their new all-time low of Rs 373.10 on the BSE and Rs 372.80 on the NSE during intra-day trading and closed at Rs 383 on the NSE and Rs 384.35 on the BSE. The Delhivery share price dropped nearly 19% today, hitting its new all-time low mark of Rs 377.05 on the BSE and Rs 376.95 on the NSE, before recovering slightly to close at Rs 386.55 on the BSE and Rs 381.6 on the NSE.
Also Read: Here's How Some Of The Biggest IPOs Have Performed This Year
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