LIC shares slump 25% from 52-wk high
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New Delhi: Shares of insurance major Life Insurance Corporation of India (LIC) fell by nearly three per cent on Tuesday, extending their downtrend for the third day. The stock declined 2.77 per cent to settle at Rs879.50 apiece on the BSE. During the day, it lost 3.15 per cent to Rs876.05. On the NSE, it dropped 2.71 per cent to Rs879.85. In three days, the stock has declined by 8.27 per cent on the BSE. From its 52-week high of Rs1,175, the stock is down 25.14 per cent.
The country’s largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake, in LIC, through an Initial Public Offering (IPO). The government holds 96.5 per cent stake in the company. Shares of the insurer is down over seven per cent from its issue price of Rs949. LIC is the eighth most valued domestic firm by market valuation. Its market capitalisation stood at Rs5,56,283.55 crore. Meanwhile, the government has approved a 17 per cent overall hike in wages for more than 1.10 lakh employees of the insurance giant.
