Analysts expect the stock to bounce back in three to six months
State insurance giant Life Insurance Corporation of India (LIC) on Tuesday listed at an 8.6 percent discount to its issue price of Rs 949 at the BSE. The offering, which was the largest initial public offering (IPO) in India, of Rs 21,000 crore, had closed strong on May 9, being oversubscribed 2.95 times, with bids for 47.83 crore shares, against an IPO size of 16.2 crore shares.
The LIC stock finally closed at Rs 875.45 at the BSE, down 7.75 percent over its issue price. Over 27.5 lakh shares were traded at the exchange. The stock was seen at Rs 872 in pre-open trade at the NSE.