Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Mon, 06 Jun 2022 12:42 PM IST
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The decline that started after the listing in the shares of Life Insurance Corporation of India (LIC), which has offered the biggest IPO in the country’s history, continues unabated. The company’s shares reached a new all-time low on the first day of the week. It is worth noting that the upper price band of LIC’s stock was Rs 949, due to which it has broken a lot.
On Monday, when the market opened, the company’s shares were at a level of Rs 800.25 on the NSE, which reached Rs 786.10 shortly after. Along with this, in the past, where the company was snatched from the company of being the sixth most valuable company in the country, ICICI had snatched it. So at the same time, due to the continuous fall in the shares of LIC, the market cap of the company has further reduced to below Rs 5 lakh crore. The total market capitalization of the company stood at Rs 4.97 lakh crore till the time of writing this news.
It is worth noting that LIC had raised about Rs 21,000 crore from the market through IPO. Its IPO opened for subscription on May 4 and closed on May 9. The price of its shares was fixed at Rs 902-949. But since its listing after the discount, its shares have fallen steadily and currently the company’s shares are trading below their upper price band by up to 17 per cent.