MUMBAI: The share price of Life Insurance Corporation of India (LIC) slumped to a new record low of Rs 751 on Tuesday, which is over 20 per cent down from its IPO issue price of Rs 949. At the BSE, LIC shares closed 3.15 per cent down at Rs 752.90 against its previous day’s close at Rs 777.40.
The share price hit a record low of Rs 751 in the intra-day. The scrip also hit a record closing low of Rs 752.90.
There has been a consistent decline in the share price of the government-run insurer. Life Insurance Corporation of India shares got listed on the stock exchanges on May 17. Since its listing, the scrip has closed in the positive four sessions. For the rest of the days, it witnessed selling pressure.
The recent slump has dragged LIC’s market capitalisation sharply down to Rs 4,76,683 crore on Tuesday. At the issue price of Rs 949, the market capitalisation stood at Rs 6,00,242 crore.
The initial public offering of LIC, which was open for subscription from May 4 to May 9, was subscribed 2.95 times. (ANI)