Shares of the insurer Life Insurance Corporation (LIC) fell nearly 2 per cent in early trade amid weak market sentiment today. LIC stock declined 1.71 per cent to Rs 786.60 against the previous close of Rs 800.25 on BSE. The market capitalisation of the public sector insurer fell to Rs 4,97, 334 crore today against a market cap of Rs 6,00,242 crore, going by the upper price band of India's largest initial public offer.
Shares of LIC on Tuesday dipped over 3 per cent after the company posted a 17 per cent decline in consolidated net profit for the fourth quarter ended March 2022.
Disappointed by a 7.8% plunge that made for the world's second-worst trading debut among large IPOs this year, shareholders of state-run Life Insurance Corp. of India will be counting on a bumper dividend if Prime Minister Narendra Modi's government wants them to stay put.
The initial public offering (IPO) of Life Insurance Corporation of India opened for subscription today. The public issue will close on May 9. The insurance behemoth stated that it has garnered around Rs 5,627 crore from anchor investors ahead of the IPO.