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LIC share price: Life Insurance Corporation (LIC) shares, on Friday, February 28, 2025, slipped up to 1.63 per cent to hit a fresh 52-week low of Rs 729.
The downfall in the LIC share price came after the company announced that it has received a communication/demand order for Goods & Service Tax, Interest and penalty for Maharashtra State worth approximately Rs 480 crore.
In an exchange filing, LIC said, “This is to inform you that the Life Insurance Corporation of India has received a communication/ demand order for Goods & Service Tax, Interest and penalty for Maharashtra State.”
LIC has received demand worth Rs 479.88 crore for GST, interest and penalty notice for FY 2020-21. The GST includes Rs 242,23,06,117, interest of Rs 213,43,32,150, and penalty of Rs 24,22,33,539.
However, LIC said the order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai.
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“The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation,” the company said.
LIC Q3 results
LIC posted a 17.1 per cent rise in standalone net profit to Rs 11,056.47 crore in Q3FY25, from Rs 9,444.4 crore in Q3FY24.
Its net premium dropped 8.7 per cent to Rs 1,06,891.5 crore in Q3FY25, as against Rs 1,17,016.9 crore in Q3FY24. READ MORE
About LIC
The Life Insurance Corporation of India (LIC) is the largest public sector insurance company in India, fully owned by the Government of India. Established in 1956, LIC was formed by the merger of 154 life insurance companies, 16 foreign companies, and 75 provident companies.
Headquartered in Mumbai, LIC offers a diverse array of insurance plans, including endowment, money-back, term assurance, pension, unit-linked, group, child, and health insurance policies. Additionally, LIC provides policy loans to customers. The company also operates a 24/7 call centre offering support in English, Hindi, and eight regional languages.
LIC’s life insurance premiums qualify for tax deductions under income tax and wealth tax, providing additional financial benefits to policyholders.
LIC’s market capitalisation is Rs 4,66,278.83, BSE data showed. It falls under the BSE 200 category.
At 10:32 AM, LIC share price was trading 0.39 per cent lower at Rs 738.20. In comparison, BSE Sensex was trading 1.13 per cent lower at 73,773.02 levels.
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