Shares of Life Insurance Corporation of India (LIC) slipped 5.85 per cent further to Rs 668.20 apiece on the BSE on Monday — the day lock-in period for anchor investors expired. The state-owned insurance behemoth’s share price is down 29.59 per cent from its issue price of Rs 949 per share.
An eye-popping $17 billion wipeout in market value has made LIC one of the biggest wealth destroyers among Asia’s initial public offerings this year. India’s biggest-ever IPO now ranks second in terms of market capitalisation loss since listing, according to the data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solution, which saw a more than 30 per cent peak-to-trough decline in its share price