THE sharp correction in the share prices of LIC (Life Insurance Corporation of India) post its discounted listing on May 17 has dealt a major blow to its investors as the market capitalisation of the state-run insurer has come down to ₹4.19 lakh crore from ₹6 lakh crore (based on the upper end of its IPO price (₹949)), wiping a total of ₹1.81 lakh crore.
Amid this gloom and doom, what should those investors, who are stuck with LIC shares at IPO price of ₹949, do?
According to equity market analysts, while this sharp decline is a big disappointment, investors should remain patient as the stock may stage a comeback. VK Vijayakumar, chief Investment Strategist at Geojit Financial Services said that LIC stock's performance post IPO has been a big disappointment. He, however, says that it is too early to conclude that the share price won't reach the IPO price in the next one year. If the Q1FY23 results of LIC are good, the stock may stage a comeback but it is likely to underperform if there is a rally in the market."
This story is from the June 27, 2022 edition of The Morning Standard.
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This story is from the June 27, 2022 edition of The Morning Standard.
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