Shares of the insurance sector giant Life Insurance Corporation of India (LIC) debuted on the stock exchanges tepidly, listing at a discount of over 8 percent from their issue price.
The shares opened at Rs 867.20 apiece on the Bombay Stock Exchange (BSE), which declined 8.62 percent from the issue price of Rs 949. The scrip opened at a decline of 8.11 percent on the National Stock Exchange from its issue of Rs 872.00 per share.
Policyholders and retail investors were given a discount of Rs 60 and Rs 45 per share, respectively, in the bidding process.
The LIC stock traded lower from the issue price throughout its first session, achieving a high of Rs 918.95 on the NSE and Rs 920.00 on the BSE. The stock’s downside touched Rs 860.00 on the NSE and Rs 860.10 on BSE. Ultimately, the stock settled at Rs 875.45 on the BSE, a decline of Rs 73.55 (7.75 percent) from the issue price, and at Rs 873.00, a drop of Rs 76 (8.01 percent) on the NSE.
LIC is the largest insurance provider in India, with a market share of over 66 percent in new business premiums. The firm offers participating and non-participating insurance products.
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