New Delhi: A year after the initial listing, Life Insurance Corporation of India’s shares are down 35% from the stock market price and over 40% from the cap on the IPO issue price.
While the company’s IPO was widely celebrated, several reports have now named it one of the biggest investor wealth killers in recent memory.
“The stock, which was listed a year ago on this day, is now around 40% below its IPO issue price of Rs.949 per share, bringing the total loss in market capitalization to around Rs.2.5 million,” reported the Economic Times.
“LIC had gone public as India’s fifth most valuable company with a market capitalization (M-Cap) of Rs.5.48 million. LIC’s M-Cap ended Tuesday’s session at Rs. 3.59 lakh crore, a whopping Rs. 1.89 lakh crore decline,” according to The New Indian Express.
LIC prices closed at 568 rupees per share on Tuesday. The lowest price it has reached is 530.05 rupees when its 30,000 crore plus investment in Adani Group shares took a big tumble, according to Hindenburg Research’s report.
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