LIC makes weak market debut after record IPO

India's insurance behemoth - the Life Insurance Corporation or LIC - made a weak market debut on Tuesday after a record-breaking IPO last week.

The shares in the state-owned insurance giant slid to as much as 9.4 per cent to 860 rupees in Mumbai against the issue price of ₹949 in the first hour of trading, according to a Bloomberg report.

Last week, by selling about 3.5 per cent stake- at the top of the range - of the country's top insurer, the government raised $2.7 billion or ₹20,557 crore.

But volatility in the global market has arguably cast a shadow on the Dalal Street debut, according to analysts.