LIC share has fallen about 28% from its issue price. Today, due to the end of the lock-in of anchor investors, there is a big sell-off in the stock. The company’s stock is trading at Rs 671.10, down 38.60 (5.44%).
On Monday, around 11:05 pm, LIC’s stock was trading at Rs 679, down 4.33 per cent. This is the lowest level of this stock.
In the morning it opened at Rs 691. Then, selling pressure pushed the price down further. LIC’s stock declined for the 10th consecutive day on Monday.
LIC’s market capitalization fell to Rs 4.3 lakh crore on Monday. It has been left out of the list of top companies with highest valuation in the country. It has come to the sixth position. So far, investors of this stock have lost Rs 1.7 lakh crore from the listing.
The stock was listed on May 17. Its market capitalization then was Rs 6 lakh crore. It was the fifth largest company in the country.
LIC’s IPO opened on 3rd May. It closed on 9 May. The government had garnered Rs 21,000 crore by selling its 3.5 per cent stake in the company. Anchor investors had bought 5.93 crore shares of LIC.
The company had issued shares to the investors at Rs 949. Anchor investors had more domestic funds. So far they have lost more than 25 per cent.