LIC Share Price: LIC’s stock has been in a bad condition ever since the Hindenburg Research Report’s report against Adani Group’s stocks and now the stock of the country’s largest company has come down to its all-time low since its listing on the stock exchange. On Monday, March 27, 2023, the stock closed at Rs 544.10, down 2.84 per cent. This is the lowest closing price level of LIC since listing.
LIC’s stock opened at Rs 560 on Monday morning and fell to its historic low of Rs 539.10 with a fall of nearly 4 per cent. Ever since the matter of LIC’s exposure in Adani Group’s shares has come to the fore, since then the weakness in LIC’s shares has continued. LIC’s stock has now fallen by about 43 per cent from its IPO price. Investors investing in LIC’s IPO are facing huge losses. LIC raised money in the IPO at a price of Rs 949 per share. That is, investors are facing a loss of Rs 405 per share.
Suppose an investor has bought 100 shares of LIC at a price of Rs.949, for which he had to pay Rs.94900. But after this fall his investment has come down to Rs.54400. That means the investors are facing a loss of Rs.40,500. Hindenburg’s report was released on 24 January 2023, on that day LIC’s share was trading at Rs.702. But from that level the stock has now come down by around 22.50 per cent.
LIC had bought stocks worth Rs 30,127 crore from different Adani group companies. According to BSE data, LIC holds 4.23 per cent stake in Adani Enterprises, 3.65 per cent in Adani Transmission, 5.96 per cent in Adani Total Gas and 1.28 per cent in Adani Green Energy. LIC also has exposure in cement companies of Adani group. SIC holds 6.33 per cent stake in Ambuja Cement and 6.41 per cent in ACC. LIC holds 9.14 per cent stake in Adani Ports.
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