NEW DELHI: Life Insurance Corporation of India (LIC), the largest public offering (IPO) in India, has lost market share. The stock, which traded at Rs 949 in the IPO, was listed at Rs 872 (down 8.11%) on the National Stock Exchange and Rs 867.20 (down 8.62%) on the Bombay Stock Exchange yesterday.
The central government raised Rs 20,557 crore from the sale of shares. However, those who bought the stock yesterday and went out to make a profit were disappointed. The price went up to Rs 920 at one point but later fell. At the close, the stock was trading at Rs 875.25 on the NSE and Rs 875.45 on the BSE.
Shares of LIC remained unchanged on the day of the Sensex and Nifty gains for the three-month high (2.5%). As a result of the discount, the policyholder received Rs 889 and the ordinary investor Rs 904. No one was able to make a profit on the first day as the listing price fell below Rs 889.
Rupee falls, inflation rises
Rupee depreciates again; Inflation rises again. At the Interbank Foreign Exchange (Forex) market, the rupee depreciated to 77.80 against the US dollar in early trade. Inflation, as measured by the Wholesale Price Index (WPI), rose to a 17-year high of 15.08%.
Government report fake: PIB
New Delhi: The Press Information Bureau (PIB) has said that no such reference has been made following the release of the Union Finance Ministry’s economic review report that inflation will not significantly affect low-income earners. The PIB Fact Check team tweeted that the reference was fake. It is not clear why the PIB is pointing out that the reference in the Finance Ministry’s financial review report is false.
∙ Do not measure the future by the listing price
‘Price on the day of listing is not a barometer to measure the future. Market prices can fluctuate for many reasons. Investors need not worry. ‘ – MR Kumar (LIC Chairman)
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