Life Insurance Corporation's public offer started with widespread fanfare, but apart from a euphoric subscription, it has all been downhill for the insurance behemoth. India's biggest initial public offering (IPO) received an overwhelming response with its issue oversubscribed nearly three times, which has turned out to be the only bright spot in the so-called phase termed "LIC 2.0."
Shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, extended their fall for the eighth straight session on Thursday. The stock tumbled 2.17 per cent to settle at record closing low of Rs 721.95. It touched an all-time intraday low of Rs 720.05 on the BSE index. On NSE, LIC cracked 2.23 per cent to close at Rs 721.60. Considering today's closing figure, LIC has plunged 23.96 per cent from its issue price of Rs 949. The stock fell 14.19 per cent in eight consecutive trading days.