The share price of Life Insurance Corporation of India (LIC) fell to a new record low of Rs 723.70 on Thursday, nearly 25% lower than its IPO issue price of Rs 949. At 12.42 p.m. on the BSE, Life Insurance Corporation of India's share was trading 1.56 percent lower at Rs 726.50, compared to its previous day's close of Rs 738.
The stock fell to a record low of Rs 723.70 intraday. Since its stock exchange debut on May 17, LIC's share price has plummeted dramatically. Investors were given LIC shares for Rs 949 each. It was discounted when it was listed on the stock exchanges. It has reached its highest level of Rs 920. The market value of the country's largest insurer has been steadily declining.
The market capitalisation of Life Insurance Corporation (LIC) of India was Rs 6,00,242 crore at the issue price of Rs 949. LIC's market capitalisation fell to nearly Rs 4.6 lakh crore on Thursday. LIC's market value has been reduced by nearly one-fourth in less than one month since its listing. Since its initial public offering, the stock has closed in the black four times.
It was under selling pressure for the remainder of the days. The LIC initial public offering, which was available for subscription from May 4 to May 9, was subscribed to 2.95 times. By far India's largest insurer is the government-run LIC.
For the fiscal year ending March 31, 2022, LIC held a market share of 74.60% in individual policies.
LIC had a market share of 89.07 percent by number of policies/schemes and 76.16 percent by first-year premium in the Group business during the fiscal year ended March 31, 2022.
LIC had a market share of 63.25 percent in composite first-year premium income as of March 31, 2022.