New Delhi: A year after it was first listed, the Life Insurance Corporation of India share has plunged 35% from the listing price and over 40% from the upper band of the IPO issue price.

While the company's IPO was much celebrated, several reports are now calling it one of the largest destroyers of investors’ wealth in recent times.

"The stock which was listed on this day a year ago is now down around 40% from its IPO issue price of Rs 949 per share, taking the total erosion of market capitalisation to about Rs 2.5 lakh crore," Economic Times reported.

"LIC had entered bourses as India’s 5th most valuable company with a market capitalisation (m-cap) of Rs 5.48 lakh crore. LIC’s m-cap at the end of Tuesday’s session stood at Rs 3.59 lakh crore, a colossal erosion of Rs 1.89 lakh crore," according to The New Indian Express.

LIC prices closed at Rs 568 per share on Tuesday. The lowest price it has hit is Rs 530.05, when its Rs 30,000 crore plus investment in Adani Group stocks took a big hit after the Hindenburg Research report.

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