Insurance behemoth Life Insurance Corporation of India (LIC) has seen its market capitalisation diminishing by a whopping Rs 1.32 lakh crore since its listing on bourses, with shares hitting fresh life-time low at Rs 666.90 on Monday.
Its m-cap has fallen to Rs 4.23 lakh crore from Rs 5.54 lakh crore on listing.
According to a Bloomberg report, $17 billion wipeout in market value has made LIC one of the biggest wealth destroyers among Asia’s initial public offerings this year.
Shares of Life Insurance Corporation of India continued to fall for the tenth day running on Monday and tumbled nearly 6 per cent.
The stock tanked 5.85 per cent to settle at Rs 668.20 apiece on the BSE. During the day, it plunged 6 per cent to Rs 666.90.
On the NSE, it tumbled 5.66 per cent to end at Rs 669.50 apiece.
Shares of the company have been falling for the past ten days, losing 20.17 per cent.
LIC got listed on the bourses on May 17. The government had fixed the issue price of LIC shares at Rs 949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.
Applicants were allocated LIC shares on May 12.
The stock has tumbled 29.58 per cent so far from its issue price of Rs 949.
“LIC tumbles as anchor lock-in ends,” said Mohit Nigam, Head – PMS at Hem Securities.
The company is on the seventh place in the ranking of top-10 firms by market valuation. It has a market capitalisation (mcap) of Rs 4,22,636.35 crore.
