Ritika
LIC Stock Price: Shares of Life Insurance Corporation of India (LIC) saw a big fall on Thursday. Shares of the company fell nearly 1 per cent to 52 week low of Rs 648 on BSE in intra-day trade. The stock of the state-owned insurance company has fallen below its previous low of Rs 650. Earlier on June 20, 2022, the stock had hit a low of Rs 650.
The company’s IPO came in May
Let us tell you that after this big fall, those who invested money in LIC’s IPO have suffered a huge loss. The company’s shares have come down almost 32 percent from its issue price of Rs 949. Let us tell you that LIC IPO was entered in the market on 17th May 2022 this year. Since the listing, LIC continued to underperform in the market with high margins. In the past one month, the stock has lost 4 per cent as compared to a gain of 0.41 per cent in the S&P BSE Sensex. Moreover, it has lost 3 per cent in the past three months as against a 14 per cent rise in the benchmark index.
Also read- This bank closed from today, RBI canceled licenses, big impact on customers
232 times more profit between April-June
Let us inform that in the June quarter, LIC’s net profit increased by 232 times to reach Rs 682.89 crore. Prior to this, LI’s net profit in the April-June quarter of the previous financial year was Rs 2.94 crore. According to the company, the performance of the company has decreased in all areas as compared to the March quarter of the last financial year. LIC had made a net profit of Rs 2,371 crore for the quarter ended March 2022, with premium income of Rs 14,614 crore and total income of Rs 2,11,451 crore from new policies during this period.
