
LIC shares jump 5% on ₹9,544 crore Q1 profit
Net investment income surges 29.8% year-on-year to ₹90,309 crore in Q1 FY24.
Net investment income surges 29.8% year-on-year to ₹90,309 crore in Q1 FY24.
LIC’s Q3 premium income fell 15.38% on QoQ basis but rose 14.5% on YoY basis to ₹1,11,788 cr. Market share slips 2.83% to 65.38%.
Finance Minister Nirmala Sitharaman reduced the tax exemption limit on high-value insurance policies.
LIC's current market cap stands at ₹3.9 lakh crore, a huge fall from ₹6 lakh crore on its listing day, eroding investors’ wealth by around ₹2.1 lakh crore.
LIC stock has fallen consistently, shedding about 30% of its value since listing. This has led to an erosion of around ₹1.74 lakh crore of value
Every LIC IPO subscriber holding on to its shares is making a loss of ₹280.75 per share as on June 13, 2022, which is likely to increase as more of anchor investor shares flood the market.
The dismal market debut shows the country’s largest life insurer is yet to prove its mettle before investors.
Shares of LIC have tanked 18% from its issue price of ₹949.