Life Insurance Corporation of India’s (LIC) much-touted public offer, listing and the company’s shares performance since its tepid debut has turned from bad to worse.
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On the BSE, LIC’s stock closed at its lowest ever of Rs 800.25 per share on Friday, after dipping to its all-time intra-day low of Rs 800.
While the stock hit a life-high of 920.00 a few days after listing on stock exchanges, it is down over 15 per cent from its issue price of Rs 949 per share.
After Friday’s close, LIC’s market capitalisation (m-cap) stood at about Rs 5,06,158, marking a valuation loss of touch over Rs 94,000 crore from the issue price and Rs 51,517 crore loss from the discounted listing price.
At the issue price of Rs 949, the m-cap of LIC stood at Rs 6,00,242 crore; based on the listing price on the BSE, the valuation of LIC dipped to Rs 5,57,675 crore, resulting in a loss of around Rs 42,500 crore.
While that fall in the insurance behemoth’s share prices tracks the broader performance of global equities, the stock’s performance has not lived up to the terming of this phase of the company as “LIC 2.0.”