Shares of Life Insurance Corporation (LIC) of India hit a new low on Monday as they nosedived to Rs 782.5 apiece.
LIC's market value dipped below Rs 5 lakh crore as it witnessed a sell-off for the fifth straight session.
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LIC share price today is around 17 percent lower from the upper price band of Rs 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.
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 Rs 875, which is below its initial public offer (IPO) issue price.
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Investors are being cautious about the stock even as analysts point out that its valuation is cheaper in comparison to other private insurance companies.