The Brief: More Downside In Store For LIC Stock?
The dismal market debut shows the country’s largest life insurer is yet to prove its mettle before investors.
The dismal market debut shows the country’s largest life insurer is yet to prove its mettle before investors.
LIC shares ended at ₹875.45 compared with the IPO price of ₹949, eroding around ₹46,000 crore in investor wealth.
LIC shares opened at ₹867.20 on the BSE, down 8.6% from the upper end of the IPO price band of ₹902 to ₹949 per share.
The Sensex and Nifty are set to open flat to higher on Tuesday, following subdued cues from global peers and muted trading on the SGX Nifty futures.
The equity shares will be credited to demat accounts of successful bidders before May 17, says DIPAM secretary Tuhin Kanta Pandey.
A meeting is likely to be held on whether the IPO should be deferred to the next financial year amid the growing geo-political tensions, say sources.
The listing of Life Insurance Corporation (LIC) will go ahead as planned, says finance minister.
Can you allow a policyholder of LIC to get up to 10% quota in an IPO but deny the same to a policyholder of a private insurance company or a depositor of a bank or a telco subscriber?