LIC shares plunge to all-time low on Friday as Sensex turns negative
The shares of the company were listed on May 17
The shares of the Life Insurance Corporation of India (LIC) plunged to an all-time low on Friday.
At the close of the market, the LIC shares were at Rs 800.45 apiece at NSE. On BSE, the shares closed at Rs 800.50 per share.
The shares of the company were listed on May 17. They are down nearly 15 per cent from the IPO issue price.
Sensex, on Friday, gave up 600 points gain and turned negative as markets were about to close. Nifty closed below 16,600 at 16,584.3.
Sensex closed at 55,774.13, nearly 50 points lower than the previous close. Sensex had touched a high of 56,245 during the day.
The shares of the company have further declined since the results for the fourth quarter were declared on Monday. In the last five trading sessions alone, the shares of the company have plunged over 3 per cent.
According to the results of the company, LIC posted a fall of 17 per cent in the consolidated profit as compared to the same quarter last year.
The premium of the company rose from Rs 1.22 trillion to Rs 1.44 trillion on a year-on-year basis.
For the unversed, the government raised Rs 20,557 crore by selling a 3.5 per cent stake in the LIC through the initial public offer (IPO). It is the biggest IPO in India yet.