Earlier, GreatGameIndia reported how a Black Swan event could trigger $100 billion capital outflows from India. Now, we see that India's biggest ever IPO of LIC has incurred a loss of over $18 billion.
The Life Insurance Corporation (LIC), India's largest-ever initial public offering (IPO), which was hailed as the "LIC 2.0" phase of the nation's insurance behemoth, has faltered after lackluster debut at a discount on benchmark bourses, with losses reaching over a third in valuation.
After suffering a nearly $18 billion market value wipeout, LIC's stock dropped on Friday to ₹ 661.70, down 3.2% for the day and over 30% below its issue price of ₹ 949 per share. This made it one of the top wealth destroyers among IPOs this year, reports NDTV.
In fact, to put the size of the losses in perspective, the LIC IPO now stands at the top in capitalization loss since issue, commencing with the discounted listing and ongoing selling pressure. Its value has fallen by almost a third sinc...
Full Access
Included:
-
Access to All Articles.
-
One Plan. No Tiers.
-
No Ads.
-
Cancel anytime.
