LIC shares face renewed selling pressure as anchor lock-in ends; fall 4.5%

Shares of Life Insurance Corporation of India (LIC) came under renewed selling pressure on Monday as anchor investors' 30-day freeze on shares ended. The stock declined 4.5 per cent and was trading at Rs 677.50 as of 11.50 am. Anchor investors hold over a fourth of LIC's public float.

Analysts said this week is likely to be a litmus test for LIC on whether the stock finds buying support from institutional investors like mutual funds at these lower valuations.  

So far, the stock has declined 28 per cent