LIC gains 4%, hits over 3-month high in subdued market

The government aims to appoint a private sector professional as the first chief executive of the LIC in an effort to modernise its largest insurer after a disappointing stock market debut

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Ashishkumar Chauhan, MD and CEO of BSE, LIC Chairperson Mangalam Ramasubramanian Kumar and Tuhin Kanta Pandey, DIPAM Secretary pose after the company's IPO listing ceremony at the BSE in Mumbai (Photo: Reuters)

SI Reporter Mumbai

3 min read Last Updated : Dec 12 2022 | 2:57 PM IST

Shares of Life Insurance Corporation of India (LIC) hit over three-month high of Rs 695.85, gaining 4 per cent on the BSE in Monday's intra-day trade, in an otherwise subdued market. The stock of the state-owned insurer was trading at its highest level since August 18, 2022. At 02:18 PM, LIC shares were up 3 per cent at Rs 691.35, as compared to 0.34 per cent decline in the S&P BSE Sensex.

The stock was trading higher for the fourth straight day, surging 7 per cent during the period, on report that the government aims to appoint a private sector professional as the first chief executive of LIC. This, the report said, was in an effort to modernise its