LIC shares sink in debut after disappointing, albeit record India IPO
Shares in Life Insurance Corp of India (LIC) (LIFI.NS) slid 6% in their market debut on Tuesday
a fresh setback for the state-owned giant after its IPO, while record-breaking, raised far less for the government than initially envisioned.
India's biggest insurer and largest domestic financial investor was trading at 887 rupees as of late morning,
giving it a market value of around 5.6 trillion rupees or $72 billion and making it the country's fifth biggest company.
The share price decline reflects a slump in the broader market since LIC's IPO opened for subscription on May 4.
"We were not expecting a big listing as markets were jittery, expect it to pick up," LIC's Chairman M. R. Kumar told reporters.
LIC shares settle 8.01% lower