LIC Stock at All-time Low: The daily decline in the shares of LIC (Life Insurance Corporation of India) continues. In today’s trading, LIC’s stock made a new low for the third consecutive day. LIC’s stock closed again today after a fall of 2.15 percent. LIC’s stock closed at Rs 738, down almost 2 per cent on BSE. On the other hand, LIC’s stock on NSE closed at 736.80 with a fall of Rs 16.20 or 2.15 percent.
Investors lost around Rs 1.4 lakh crore
Since the shares of LIC have been falling since the exchange listing, the investors who had invested their money in the IPO have faced a huge decline in their portfolio. The government had sold its 3.5 percent stake through IPO. The value of LIC in the IPO was around Rs 6 lakh crore, which has now come down to Rs 4,66,784.83 crore. The company’s market capitalization has come down to around Rs 4.6 lakh crore, which means investors have recently lost around Rs 1.4 lakh crore.
LIC shares were listed on May 17
LIC shares did a weak listing on the stock exchanges on 17 May. It was listed on the stock exchanges at a discount of 8.62 per cent at Rs 867, which was Rs 82 below the IPO price of Rs 949. Now the share price is at its all-time low of Rs 736, which is a decline of a little over 22 per cent from its IPO price.
lic earnings figures
In terms of earnings, the state-run insurance company reported a net profit of Rs 2409 crore during FY22, a decline of 17 per cent year-on-year from the corresponding quarter of the previous fiscal.