After a flop debut on stocks exchanges, Life Insurance Corporation's (LIC) shares fell nearly 4 per cent on Thursday, adding to investor's losses from a lower listing on Tuesday, reports NDTV.
Indeed, LIC's widely anticipated listing turned lacklustre, with its shares losing 7.75 per cent from their allotment price on its market debut on Tuesday.
While the insurance behemoth's shares ended almost flat in the previous session at Rupee 875.45, about 7.75 per cent lower than its issue price, LIC's stock fell a further 4.12 per cent to Rupee 840 on Thursday, a loss of Rupee over 100 from its allotment price of Rupee 949 per share.
India's biggest-ever IPO, state-owned insurance giant LIC, had listed its shares at a discount of over 8 per cent on stocks exchanges on Tuesday.
LIC had allotted shares at Rupee 949 apiece after a successful issue, which fetched Rupee 20,557 crore to the government.
But the tepid listing and the latest session's losses have resulted in a sharp drop in the market capitalisation (m-cap) of the country's largest insurer.
At the issue price of Rupee 949, the m-cap of LIC stood at Rupee 6,00,242 crore.
LIC shares down nearly 4pc
FE Team | Published: May 19, 2022 23:43:43
LIC shares down nearly 4pc
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