Investors lose Rs 1.4 Lakh Crore after LIC stock hits all-time low
By MYBRANDBOOK
LIC slides to a new all-time low for the ninth day, hitting a fresh low of Rs 731.10 apiece on BSE. The market cap of the insurance company stood at Rs 4.61 lakh crore. Shares of LIC have wiped off almost one-fourth of investors’ wealth from the issue price of Rs 949.
The stock has wiped out more than Rs 1.4 lakh crore of wealth of investors so far. Shares of LIC got listed on May 17, and since then there have been just four sessions when the stock has closed with a gain, collapsing under selling pressure for the rest of the days.
The initial public offering of LIC, which was open for subscription from May 4 to May 9, was subscribed 2.95 times. The government-run LIC is by far the largest insurer in India. LIC's market cap has dipped from Rs 6 lakh crore to around Rs 4.57 lakh crore, which means LIC investors have lost around Rs 1.43 lakh crore in less than one month of LIC share listing.
The market share of LIC in individual policies was 74.60 percent for the financial year ended March 31, 2022. The market share of LIC as at the end of 31st March 2022 was 63.25 percent in composite First Year Premium income.
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