SBI Surpasses Insurance Giant LIC To Become The Most Valuable Public Sector Stock

India¡¯s biggest public sector bank State Bank of India (SBI) has surpassed insurance giant LIC to become the most valuable listed public sector undertaking (PSU). Life Insurance Corporation of India's (LIC) market capitalisation stands at Rs 4,36,519.72 crore (at the time of writing this report today), whereas SBI¡¯s market capitalization stands at Rs 4,56,984.74 crore.

SBI was the seventh largest company in the overall market-cap ranking of listed companies on the BSE. Insurance giant LIC slipped to number eight in the list with a market cap of Rs 4.38 trillion, the BSE data showed, as per Business Standard.

shutterstock

In the past month, SBI stock has rallied around 13% compared to around 3% gain in LIC's stock, as per data on BSE.

Since its listing on May 17, 2022, LIC has seen its market cap erode by Rs 1.15 trillion, while during the same period SBI¡¯s market-cap increased by Rs 36,367 crore, data showed, as per the report. It also mentioned that while PSU Banks, in aggregate, lost 1,130 bps in market share in loans over the last four years, SBI is an outlier with a 90 bps gain to 23 %.

Also Read: After Rival Zomato's Stock Price Crash Last Week, Swiggy Eyes $800 Million IPO In Early 2023

LIC's Dismal Performance

As far as LIC is concerned, after its much anticipated mega IPO, the insurance giant not only disappointed on its listing day but has even touched its all-time low already, barely within two months of being listed. Overall, LIC is currently down nearly 20% from its IPO listing price. On the other hand, SBI¡¯s stock price has climbed around 8% this year, and more than 75% in the last five years, as per NSE data.

shutterstock

On June 6th 2022, LIC reached its all-time low for the first time, barely a month after listing on May 17, 2022.

For the uninitiated, the initial public offering of LIC, which was open for subscription from May 4 to May 9, was reportedly subscribed 2.95 times.

Also Read: Former SBI Chairperson Arundhati Bhattacharya Says India¡¯s IT Sector Battling A Hiring ¡®Crisis¡¯

For the latest and interesting financial news, keep reading Indiatimes Worth. Click here.