The stock of LIC, which was listed on May 17 at Rs 872 per share, closed down at Rs 668.20 on Monday, June 13 in the evening.
LIC IPO: LIC’s ‘shameful’ record, becomes Asia’s second largest company after IPO
Facts
- After LIC listing, it has become the second biggest fall in Asia at this time.
- South Korean company LG Energy Solutions at the forefront of the decline
- LIC’s share was listed on May 17 at Rs 872 per share
LIC IPO: When the country’s largest government insurance company Life Insurance Corporation of India ie LIC’s IPO came in front of investors in early May, it was as if there was a stampede among the buyers at that time. But the way this stock has performed poorly since the listing, not only its investors but also the government is getting hurt.
The stock of LIC, which was listed on May 17 at Rs 872 per share, fell on Monday, June 13 and closed at Rs 668.20. This is not only India’s but Asia’s second biggest decline. With this huge drop of 29 percent after listing, LIC’s stock has made a shameful record in the business history of Asia.
LG’s record may be broken soon, know how
No one expected this shameful performance after the listing of LIC’s stock. According to the data, it has become the second largest fall in Asia after listing. At present, South Korean company LG Energy Solutions is at the forefront of registering the biggest decline. The stock of this company has fallen more than 30 percent after the listing. But seeing the pace at which LIC is declining, it seems that the company will also make this record in its name.
1.7 lakh crore rupees of LIC investors sunk
So far, 1.7 lakh crore rupees of investors of LIC shares have been sunk due to the listing. Small policy holders of the insurance company also invested money in LIC’s IPO. They were also given a special discount for buying shares. But these new investors, hoping for profit, have taken huge losses. LIC’s market capitalization stands at Rs 4.22 lakh crore as on June 13, 2022. It dropped out of the list of top 5 companies with highest valuation in the country.
The government is also worried seeing this
Due to the fall in the shares of LIC, not only the people investing money in it, but the government is also in trouble. Recently, the government had said that it was “concerned” about the fall in LIC’s stock. But the government believes that this fall in stocks is temporary and recovery will be seen soon.
