LIC share bounces, but far from its exchange listing price
Insurance heavyweight Life Insurance Corporation of India (LIC) has not grabbed headlines in a manner that was widely expected prior to its much-anticipated mega-listing in the Indian stock exchanges. Ever since its listing on the exchanges on May 17, with a discount of over 8 per cent over its issue price, the insurance company's share prices have been on a decline and its onward journey has been rough, barring some recovery in the past few sessions. It is currently trading at Rs 705, as against its listing price of Rs 867, which implies a decline of nearly 19 per cent. It is, however, 26 per cent lower than its initial public offering issue price of Rs 949. It has lately managed to recover from its all-time low of Rs 650. Through the IPO route, the Centre had offloaded 3.5 per cent of its stake in the insurance major. The IPO valued the company at worth Rs 6 lakh crore. With tumbling of the share prices, the market capitalization in terms of value has dipped to Rs 446,323 crore now, according to stock exchange data.
