Shares of Life Insurance Corporation of India (LIC) fell 6 percent to hit their all-time low of ₹666.90 in intraday trade on BSE on June 13, the day when the lock-in period for anchor investors ends.
The stock opened at ₹690.65 against the previous close of ₹709.70 and touched the intraday high and low of ₹691.40 and ₹666.90 in trade so far.
The stock closed 5.85 percent down at ₹668.20. The market-capitalisation of the stock is now at ₹4.23 lakh crore on BSE.
Ever since its listing, the stock has been trading on a shaky ground. It had made a dull debut on the bourses on May 17 as it listed at around an 8 percent discount from its upper price band of ₹949 per equity share. It listed on NSE at ₹872 apiece levels whereas it debuted on BSE at ₹867 per share.
LIC's IPO received bids of over nearly ₹44,000 crore and over 70 lakh applications, the highest for an IPO in India. The offer was subscribed a total of 2.95 times.
The portion set aside for policyholders was subscribed 6.11 times, while employees bid 4.39 times the allotted quota and retail investors 1.99 times, while the reserved portion of qualified institutional buyers has booked 2.83 times and that of non-institutional investors 2.91 times.
On the earnings front, for FY22, LIC posted a rise of 6.1 percent in the net premium income at ₹4,27,419 crore as compared to ₹4,02,844 crore in the previous fiscal. LIC's net profit for the full year stood at ₹4,043.12 crore increasing by 39.39% as against ₹2,900.57 crore in FY21.
