Business

LIC shares fall on the first day

Mumbai The biggest IPO ever in the country has come from Life Insurance Corporation of India ie LIC, which was listed on the stock market on Tuesday and saw a decline on the very first day. However, the Bombay Stock Exchange, BSE witnessed tremendous gains on Tuesday. BSE’s 30-share sensitive index closed with a gain of more than 14 hundred points. Investors earned Rs 12 lakh crore in the stock market on Tuesday. But there was a weak listing of LIC shares and even after some improvement, it closed with a decline.

The share of LIC was listed at Rs 867 on BSE and the share of LIC was listed at Rs 872 on NSE. When the IPO was launched, the upper price band of its stock was Rs 949. In this context, there was a loss of Rs 82 per share in BSE and Rs 77 per share in NSE in listing. After the weak listing in the market, the shares improved slightly and at the time of closing of the market, their price rose by Rs 8.25, or 0.95 per cent, to Rs 875.45 on the BSE. It is being told that it will accelerate in the coming days as well.

The market cap of LIC at the time of listing stood at Rs 5.48 lakh crore. In this sense, it has become the fifth most valuable company in the country. However, the stock market remained bullish for the second consecutive day. The BSE Sensitive Index gained 1,344 points to end at 54,318, while the Nifty gained 417 points to end at 16,259. The market cap of BSE listed companies rose to Rs 255.7 lakh crore, earning investors Rs 12 lakh crore. Earlier, 34 lakh crore rupees of investors were drowned in the fall of five-six days.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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