LIC Share Price: Shares of LIC Shares Within a month of listing on the stock exchange, the stock has fallen 31 percent below its IPO price and the stock is trading close to Rs 658. But on Monday big news has come for the stock. Veteran foreign brokerage house JP Morgan has advised to buy LIC’s stock at these levels, saying that the stock can give a return of 29 percent from its current level.
LIC’s stock may jump by 29 percent
Foreign brokerage house JP Morgan, in its coverage on LIC’s stock, has said that the market is making a wrong guess about the pricing of the recently listed LIC’s stock. According to the brokerage house, the fall in the stock of LIC has been completed. JP Morgan has increased its coverage on the stock of LIC and has given a target of going up to Rs 840 by March 2023. That is, from the current level, the stock can give a return of 29 percent to the investors investing at these levels.
Big relief to IPO investors!
However, JP Morgan’s report on LIC’s stock would have brought great relief to investors and policy holders who had invested in LIC’s IPO. LIC’s stock has come down about 31 percent from its IPO price. LIC’s IPO came at Rs 949 per share. But now the stock is trading at Rs 658. That is, Rs 291 below the IPO price. The market capitalization of LIC’s stock has come down to Rs 4.16 lakh crore. The market cap of LIC was Rs 6 lakh crore according to the IPO price, which has come down to Rs 4.16 lakh crore. That is, there has been a dent in the market capitalization of LIC by Rs 1.84 lakh crore.