LIC shares tumble almost 6%; drop over 29% from issue price
The Hindu
The government had fixed the issue price of LIC shares at ₹949 apiece
Shares of Life Insurance Corporation of India (LIC) continued to fall for the tenth day running on Monday and tumbled almost 6%.
The stock tanked 5.85% to settle at ₹668.20 apiece on the BSE. During the day, it plunged 6% to ₹666.90.
On the NSE, it tumbled 5.66% to end at ₹669.50 apiece.
Shares of the company have been falling for the past ten days, losing 20.17%.
LIC got listed on the bourses on May 17. The government had fixed the issue price of LIC shares at ₹949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.
Applicants were allocated LIC shares on May 12.
The stock has tumbled 29.58% so far from its issue price of ₹949.
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