Life Insurance Corporation of India (LIC) shares, which were recently floated, resumed their downward trend on Thursday, hitting new lows. On Thursday, the stock fell another 2% to Rs 723.7 before making a small comeback. From the issue price of Rs 949, LIC shares have lost over a quarter of their value.
Even policyholders and retailers who received a discount of Rs 60 and Rs 45 over the IPO price have lost up to 20% of their investment.
The state-run insurance had a market capitalization of Rs 6 lakh crore when it went public, but it has since dropped to Rs 4.6 lakh crore. So far, LIC’s voyage on Dalal Street has been an unpleasant one for investors, with the stock wiping out more than Rs 1.4 lakh crore in capital.
The entire valuations of bluechip stocks like Tata Motors NSE -1.38 percent, Tata Steel NSE -3.65 percent, Mahindra & Mahindra and JSW Steel NSE -0.54 percent have been similar to LIC’s mcap loss.
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