LIC surpasses SBI to emerge as most valuable PSU with a ₹5.8 lakh crore market cap

India's Most Valuable PSU: Life Insurance Corporation of India witnessed a 2% surge in its share price during morning trade on Wednesday, propelling its market capitalization beyond 5.8 Lakh crore rupees, reaching 52-week highs at 919 rupees per share.

This surpasses the market cap of the State Bank Of India (SBI), which, despite a 1% dip in share price on the BSE, maintains a market cap of approximately 5.62 Lakh Crore rupees.

LIC shares were listed on the stock market on May 17, 2022 at 875 rupees apiece, while its issue price ahead of listing was 949 rupees. However, the shares of the insurance giant have been on a downward spiral since, hitting an all-time low of 530 rupees.

LIC shares rebound

LIC shares rebounded in November 2023 with LIC shares experiencing a substantial surge of over 12%. The upward momentum persisted as LIC shares recorded a 22.52% increase in December and a further 7.51% spike in the first two weeks of January 2024.

A substantial surge in share prices propelled LIC's market capitalization beyond ₹5.66 lakh crore. In the past three months alone, LIC has witnessed a remarkable increase of ₹1.83 lakh crore in its market cap.