Share of Life Insurance Corporation (LIC) of India fell sharply in Monday's trade as the lock-in period for anchor investors end. Dropping below the Rs 700/share mark this govt owned entity is making retail investors' portfolio bleed.
At the IPO price of Rs 949 per share, the stock has dipped around 28 percent so far, calculating a huge loss to the investors.
Anchor investors had bought 59.3 million shares of the company at the issue price of Rs 949 per share. 70% of the anchor book was domestic investors. The Government of Singapore, SBI Mutual Fund, HDFC Mutual Fund, and Axis Mutual Fund were among the major investors who had participated in the IPO.