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

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