LIC shares decline over 3% to hit record low after Q4 net slips 18%

Shares of LIC on Tuesday declined over 3 per cent after the company posted a 17 per cent decline in consolidated net profit for the fourth quarter ended in March 2022.

The stock declined 3.05 per cent to settle at Rs 811.50 on the BSE. During the day, it tanked 3.23 per cent to Rs 810.

At the NSE, it fell by 3.21 per cent to end at Rs 810.85.

In volume terms, 2.22 lakh shares were traded at the BSE and over 43.73 lakh shares at the NSE during the day.

Insurance behemoth LIC on Monday posted a 17 per cent decline in consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022.

The insurer had earned a profit of Rs 2,917 crore in the same quarter a year ago.

This is the first-ever quarterly result of LIC after being listed on bourses earlier this month.

The total income of the insurer during the March quarter increased to Rs 2,12,230.41 crore, from Rs 1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.

LIC's income from first-year premium rose to Rs 14,663.19 crore against Rs 11,053.34 crore in the same quarter previous fiscal.