New Delhi: The newly debuted shares of Life Insurance Corporation of India (LIC) fell below the listing price of Rs 867 on the Bombay Stock Exchange (BSE).
Interestingly, ever since the shares got listed on the exchanges, have been witnessing fall continuous falls worrying the investors.
As per the market reports, as of 10 AM, they were trading at Rs 860.35, which is nearly 15 points lower than the previous close. The shares fell down to as low as Rs 855.80 on Thursday.
On Tuesday, the Initial Public Offering (IPO) showed a tepid debut, listing with a nearly 9 percent discount on Tuesday which wiped off investors' Rs 50,000 crore on a listing day.
The shares got listed at a discount of 8.11 percent at Rs 872 per share on the National Stock Exchange (NSE), while on the BSE shares got listed at Rs 867.20 apiece, down 8.62 percent over the issue price of Rs 949 a share.
The country's largest insurer had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.
The government sold over 22.13 crore shares or a 3.5 percent stake in LIC through the IPO with a price band of Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.
The LIC IPO closed with nearly 3 times the subscription; however, foreign investor participation remained muted.