Shares of Life Insurance Corporation of India (LIC) continued to fall for the fifth day running on Monday and further declined by almost 3%, dragging its market valuation below the ₹5-lakh crore mark.
The stock fell 2.86% to ₹777.40 apiece on the BSE. During the day, it tanked 3.1% to ₹775.40 - its lowest level since listing last month.
On the NSE, it declined by 2.96% to ₹776.50 apiece. The company's market valuation stood at ₹4,91,705.32 crore on the BSE.
The stock has been falling for the past five days, declining 7.12% during this time.
Earlier on May 17, the country's largest insurer LIC made a lacklustre debut on stock exchanges, listing at more than 8% discount after a successful Initial Public Offering (IPO).
LIC had fixed the issue price of its shares at ₹949 apiece after a successful IPO, which was subscribed close to 3 times when it closed on May 9.
From its issue price, the stock is now down 18%.