Mumbai: Share price of Life Insurance Corporation of India (LIC) slumped to a new record low of Rs 723.70 on Thursday, which is nearly 25 per cent down from its IPO issue price of Rs 949.

At the BSE, Life Insurance Corporation of India share was trading 1.56 per cent down at Rs 726.50 at 12.42 pm against its previous day’s close at Rs 738. The scrip hit a record low of Rs 723.70 in the intra-day. The share price of LIC has fallen sharply since its listing on the stock exchange on May 17. LIC shares were allotted to the investors at Rs 949 apiece. It got listed at the stock exchanges at discount. The highest level it has touched is Rs 920.

There has been consistent erosion in the market value of the country’s largest insurer.

At the issue price of Rs 949 the market capitalisation of Life Insurance Corporation (LIC) of India stood at Rs 6,00,242 crore.

On Thursday, the market capitalisation of LIC slumped to nearly Rs 4.6 lakh crore. In less than one month of its listing, almost one-fourth of LIC’s market value has been wiped out.

Since its listing, the scrip has closed in the positive four sessions. For the rest of the days, it witnessed selling pressure. The initial public offering of LIC, which was open for subscription from May 4 to May 9, was subscribed 2.95 times.

The government-run LIC is by far the largest insurer in India. The market share of LIC in individual policies was 74.60 per cent for the financial year ended March 31, 2022. In the Group business the market share of LIC during year ended March 31, 2022 was 89.07 per cent by number of policies/schemes and 76.16 per cent by first-year premium.

The market share of LIC as at the end of 31st March 2022 was 63.25 per cent in composite First Year Premium income.