Shares of Life Insurance Corporation (LIC) on Monday fell below the Rs 800-mark, the lowest level since listing on the bourses last month.
The share hit an all-time low of Rs 775.40 on the BSE before closing 2.86 per cent lower at Rs 777.40. It plunged 2.97 per cent to close at Rs 776.5 on the NSE.
LIC’s market capitalisation has also fallen below Rs 5 lakh crore to Rs 491,705 crore on the BSE.
The corporation had issued the shares at Rs 949 per share in the IPO and listed at an 8 per cent discount on the stock exchanges on May 17. The current market price is down 18 per cent from the IPO price.
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LIC posted an 18.03 per cent decline in standalone net profit at Rs 2,371.55 crore for the quarter ended March 31, 2022 a net profit of Rs 2,893.48 crore in the same period of…
