India’s LIC shares slump after country’s largest listing – The National

India’s LIC shares slump after country’s largest listing – The National

Shares in Life Insurance Corporation of India slumped more than 5 per cent in early trading as the state-owned company made its market debut amid weak investor sentiment due to recent equity market volatility.

LIC's trading debut was eagerly awaited following the government's $2.7 billion sale of a 3.5 per cent stake in the company, making it India's largest ever initial public offering.

LIC accounts for two-thirds of India's life insurance market providing coverage for more than 250 million people.