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LIC shares decline for 5th day; mcap falls below ₹5-lakh cr. mark

From its issue price, the stock is now down 18%

June 06, 2022 09:57 pm | Updated 10:33 pm IST - New Delhi

Image used for representational purpose.

Image used for representational purpose. | Photo Credit: Reuters

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%.

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