LIC’s much-touted public offer, listing and the company’s shares performance since its tepid debut has turned from bad to worse.
Market NewsEdited by Rahul KarunakarUpdated: June 04, 2022 2:26 pm IST
LIC shares hit all-time low, m-cap crashes over ₹ 94,000 crore
Life Insurance Corporation of India’s (LIC) much-touted public offer, listing and the company’s shares performance since its tepid debut has turned from bad to worse.
Here Is Your 5-Point Guide To The Story:
1. On the BSE, LIC’s stock closed at its lowest ever of ₹ 800.25 per share on Friday, after dipping to its all-time intra-day low of ₹ 800.
2. While the stock hit a life-high of 920.00 a few days after listing on stock exchanges, it is down over 15 per cent from its issue price of ₹ 949 per share.
3. After Friday’s close, LIC’s market capitalisation (m-cap) stood at about ₹ 5,06,158, marking a valuation loss of touch over ₹ 94,000 crore from the issue price and ₹ 51,517 crore loss from the discounted listing price.
4. At the issue price of ₹ 949, the m-cap of LIC stood at ₹ 6,00,242 crore; based on the listing price on the BSE, the valuation of LIC dipped to ₹ 5,57,675 crore, resulting in a loss of around ₹ 42,500 crore.
5. While that fall in the insurance behemoth’s share prices tracks the broader performance of global equities, the stock’s performance has not lived up to the terming of this phase of the company as “LIC 2.0.”