LIC hits new low since listing; market cap falls below Rs 5 trillion

Since listing, LIC has lost Rs 56,000 crore of market-cap from Rs 5.54 trillion to Rs 4.98 trillion

Shares of Life Insurance Corporation of India (LIC) declined 2.86 per cent to Rs 777.40 apiece on the BSE on Monday, hitting their lowest level since listing. As a result, the market capitalisation (m-cap) of the state-owned life insurer fell below the Rs 5-trillion mark.

The stock declined for a fifth straight day, sliding 6 per cent during this period. By comparison, the S&P BSE Sensex shed 0.83 per cent in a week. LIC had made a weak debut on May 17, listing nearly 8 per cent below its issue price. With Monday’s fall, LIC has slumped 17 per cent