LIC share plunge burns investors in India’s familiar big-ticket IPO failure – The National
- Date: 20-Jun-2022
- Source: The National
- Sector:Financial Markets
- Country:Saudi Arabia
LIC share plunge burns investors in India’s familiar big-ticket IPO failure – The National
A sharp fall in the share price of Life Insurance Corporation of India (LIC) in only over a month since its trading debut has caught investors and analysts off guard.
The company pulled off India's biggest-ever initial public offering earlier this year, raising around $2.7 billion after the government sold its 3.5 per cent stake in the state-controlled insurer. However, it closed the first day of its trading on May 17, more than 8 per cent lower. The losing streak has not stopped since and about $17bn of the company's market value so far has been wiped off.
LIC's shares have slumped 31 per cent to 654 rupees ($8.39) from its issue price of 949 rupees.
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