LIC share price slips below Rs 700 as anchor lock-in ends today
lic share price, lic share price nse: Share price of Life Insurance Corporation (LIC) fell almost 3% to below Rs 700 on NSE and BSE on Monday.
The stock is likely to remain under pressure this week as the lock-in period for anchor investors ends today (June 13). Once the lock-in is over, anchor investors can sell their shares in the open market.
Anchor investors had bought around 59.3 million shares of the state-run insurance company a day before the IPO opened. The company allotted 5,92,96,853 equity shares at Rs 949 to 123 anchor investors, raising over Rs 5,600 crore.
LIC shares were listed on NSE and BSE on May 17. Since then the share has remained below the issue price of Rs 949. On Friday, LIC share price touched a low of Rs 708.05 on NSE and Rs 708.70 on BSE. , LIC’s stock had made a high of Rs 918.95 on NSE and Rs 920 on BSE last month.
According to BSE data, the market cap of LIC declined to around Rs 4.34 lakh crore after Friday’s close, as it has been under selling pressure since its inception. With the lock-in ending today, it is likely that the stock will see further correction.
The government had raised around Rs 20,500 crore last month by selling 3.5 per cent stake in LIC through an IPO.
Read more: Govt ‘worried’ over fall in LIC share price; it’s called a temporary blip