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Business News/ Markets / Stock Markets/  LIC share price hits new low, market cap dips below 5 lakh crore

LIC share price hits new low, market cap dips below ₹5 lakh crore

LIC share price may see further downside as one month lock-in for anchor investors would end this month, say stock market experts

LIC share price: Experts believe that LIC stocks may go up to ₹750 levels in near term. (Bloomberg)Premium
LIC share price: Experts believe that LIC stocks may go up to 750 levels in near term. (Bloomberg)

LIC share price: Extending the sell-off for the fifth straight session, shares of the Life Insurance Corporation (LIC) of India nosedived to its new low today in Monday's morning deals. LIC share price today opened at 800.25 apiece levels on NSE and went on to hit new low of 786.10 apiece levels in the opening bell with its market value dipping below 5 lakh crore to around 4.97 lakh crore.

LIC share price today is around 17 per cent lower from the upper price band of 949 per equity share of LIC IPO. Stock market experts believe that LIC shares may further go down as 30 days lock-in of the anchor investors will be ending in the midst of this month.

Asking positional investors to remain away from discounted shopping in LIC shares, Saurabh Jain, Vice President — Research at SMC Global Securities said, "LIC IPO had a weak listing as FIIs' participation in the stock was almost nil. Apart form this, there is an overhang of one month lock-in for anchor investors. Once anchor investors' one month lock-in ends, there can be more selling expected in LIC shares. So, my advice to positional investors in regard to LIC share is to avoid as its Q4 earnings are also not encouraging."

"LIC share price is looking on chart pattern and my advice to fresh investors is to avoid taking any position in LIC shares at current levels," said Sumeet Bagadia, Executive Director at Choice Broking.

On suggestion to long term investors who have LIC shares in their portfolio, Bagadia said, "LIC share price may go up to 750 levels and those who have long-term view can hold the scrip and keep on averaging on every 5-6 per cent dip. But, averaging should begin when it is around 750 levels."

Last week, brokerage and research firm Emkay said it has initiated coverage on LIC shares with a neutral view and has the stock's 12-month target price at 875, which is below its initial public offer (IPO) issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Asit Manohar
Chief Content Producer at Live Mint Digital Team
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Published: 06 Jun 2022, 10:22 AM IST
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