The country’s largest insurance company LIC has recently been listed in the stock market, after which the stock has been slipping continuously. LIC’s stock has declined on Monday as well. On the National Stock Exchange (NSE), LIC shares fell 1.25 per cent to close at Rs 816. At the same time, compared to the listing price of Rs 950 per share, LIC’s stock has declined by more than 13 percent.
After listing in the stock market, LIC had become the fifth largest company in the country according to market capitalization, but due to falling share price, this tag has also been snatched from LIC’s hands. Hindustan Unilever has now become the fifth largest company in the country with a market capitalization of Rs 5.59 lakh crore, overtaking LIC. At present, the market capitalization of LIC has fallen by Rs 6 lakh crore to Rs 5.17 lakh crore.
Loss of 83 thousand crores to investors: Investors who had invested money in LIC IPO in the hope that they would get a chance to earn huge profits at the time of listing. LIC IPO has disappointed such investors. On the very first day of listing in the stock market, LIC’s stock fell by about 9 percent. At the time of listing, the market capitalization of LIC was around Rs 6 lakh crore, which came down to Rs 5.17 lakh crore on Monday (23-May-2022). In this way, the investors of LIC have suffered a loss of about Rs 83 thousand crore in the last five trading sessions.
Country’s biggest IPO: Earlier this month, LIC had come up with the biggest IPO ever in the stock market. It was open from around May 4 to May 9. The LIC IPO received a great response from the investors and the IPO was filled around 2.95 times.
Let us tell you, LIC is one of the largest insurance companies not only in the country but in the world. According to a report, LIC manages capital of more than 40 lakh crore rupees and it is the 6th largest company in the world by assets.