LIC Shares Fall 5.84% Today To Plunge Below Rs 675, Down 30% From Issue Price

BSE Sensex fell 1456 points today to close at 52,846 while NSE Nifty shed 427 points to end the day at 15,774. The top losers of the day remained Bajaj Finserv with a loss of 7.08%, Bajaj Finance losing 5.46% , IndusInd Bank shedding 5.23% , Tech Mahindra losing 5.22%, and Hindalco losing 5.00%.

Meanwhile, Life Insurance of Corporation's stock fell 5.84% to close at Rs 668.25 apiece. With today's loss, the shares have fallen approximately 30% from its issue price of Rs 929 apiece.

Several factors were responsible for today's decline in the share market ranging from soaring inflation and aggressive tightening from Federal Reserve, and Covid-19 fears from China.

The market capitalization of LIC shares is recorded at Rs 422,667 crore on Monday at the time of writing this story.

Earlier, on May 17, 2022 LIC did not make an expected debut on the stock exchange with a little over 8% from the issue price. The IPO was subscribed 2.59 times.
Several other factors are attributed to the ongoing downfall the prices of LIC shares right from volatile markets, weak global cues, and surging interest rates.