Shares of Life Insurance Corporation of India (LIC) continued to fall for the tenth day running on Monday and tumbled almost 6%.
The stock tanked 5.85% to settle at ₹668.20 apiece on the BSE. During the day, it plunged 6% to ₹666.90.
On the NSE, it tumbled 5.66% to end at ₹669.50 apiece.
Shares of the company have been falling for the past ten days, losing 20.17%.
LIC got listed on the bourses on May 17. The government had fixed the issue price of LIC shares at ₹949 apiece after a successful Initial Public Offering (IPO) which was over-subscribed nearly 3 times.
Applicants were allocated LIC shares on May 12.
The stock has tumbled 29.58% so far from its issue price of ₹949.
“LIC tumbles as anchor lock-in ends,” said Mohit Nigam, Head – PMS at Hem Securities.
The company is on the seventh place in the ranking of top-10 firms by market valuation. It has a market capitalisation (mcap) of ₹4,22,636.35 crore.
