LIC shares drop 8% below issue price on debut, end at Rs 873 apiece

The insurance behemoth's shares hit an intra-day low of Rs 860 and a high of Rs 920, not coming closer to the issue price but providing small investors an opportunity to exit with nominal gains.

Shares of the Life Insurance Corporation of India (LIC) ended 8 per cent below their issue price during their stock market debut on Tuesday.

The stock closed at Rs 873 against the initial public offering (IPO) price of Rs 949.

At the closing price, LIC is valued at Rs 5,53,722 crore (Rs 5.54 trillion), making it the fifth-largest company in India by market capitalisation, after Infosys (Rs 6.39 trillion) and ahead of Hindustan Unilever  (Rs 5.28 trillion).

The insurance behemoth’s shares hit an intra-day low of Rs 860 and a high of Rs 920, not coming closer to the issue