LIC Shares Tumble in Market Debut After Record IPO
The Wire Staff
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Mumbai: Shares in state-owned Life Insurance Corp of India (LIC) slid 5% in their market debut on Tuesday, with sentiment hurt by recent market volatility.
The government raised about $2.7 billion from selling a 3.5% stake in the country's biggest insurer and largest domestic financial investor, marking India's biggest IPO to date.
Also read: Other PSU Sales Are Postponed, So Why Should Top Brand LIC Play on Losing Wicket?
The IPO was priced last week at Rs 949, the top of the indicated range.
Shares were trading at Rs 900 on Tuesday morning.
Former finance secretary Subhash Garg said in a tweet said the discount was suspected – and the shares are now possible rushing towards their right valuation.
(With Reuters inputs)
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