LIC share price slides below Rs 700 apiece as anchor lock-in ends today
LIC Share Price, LIC Share Price NSE: Life Insurance Corporation's (LIC) share price on Monday crashed around 3% on the NSE and BSE each to slide below Rs 700.
The scrip is likely to remain under pressure this week as the lock-in period for anchor investors ends today (June 13). Once the lock-in ends, anchor investors can sell their shares in the open market.
Anchor investors had bought nearly 59.3 million shares of the state-run insurance giant a day before the opening of the IPO. The company allotted 5,92,96,853 equity shares to 123 anchor investors at Rs 949 apiece, raising over Rs 5,600 crore.
LIC shares were listed on the NSE and BSE on May 17. The scrip has since then remained below the issue price of Rs 949. On Friday, the LIC share price hit a fresh low of Rs 708.05 on the NSE and Rs 708.70 on the BSE. LIC share had last month made a high of Rs 918.95 apiece on the NSE and Rs 920 on the BSE.
After Friday's closing, LIC's market cap dipped to around Rs 4.34 lakh crore, according to the BSE data, as it remains under sell-off pressure since its market debut. With the lock-in ending today, it is likely that the stock will see a further correction.
The government had garnered about Rs 20,500 crore through the sale of a 3.5 per cent stake in LIC via IPO last month.
READ MORE: Govt 'concerned' about dip in LIC share price; calls it temporary blip
