New Delhi: Life Insurance Corporation of India (LIC) broke a new record on the stock market this week as the share price of the company touched ₹900 for the first time. It is the level which has not been witnessed by the public insurer since its listing in May 2022.
With its share price at Rs 900, LIC has hit its 52-week high on the stock market. With a spike in the shares of the company, the market capitalization of LIC has now surpassed that of State Bank of India (SBI), India’s largest government-sector bank.
LIC shares were listed on the stock market on May 17, 2022 at Rs 875.25 apiece, while its issue price ahead of listing was Rs 949. However, the shares of the insurance giant have been on a downward spiral since, hitting an all-time low of Rs 530.
The stocks recovered when in November 2023, LIC shares witnessed a massive spike of over 12 percent. The upward trend continued when LIC shares saw a rise of 22.52 percent in December and 7.51 percent spike in the first two weeks of January 2024.
The massive uptick of share prices of the insurance giant saw LIC’s market capitalisation crossing Rs 5.66 lakh crore. Over the last three months, LIC has seen a spike of Rs 1.83 lakh crore in its market cap.
With the spike in share prices, LIC has become the most valued state-run company in India, surpassing the State Bank of India by a marginal difference. While LIC has claimed the top spot, there is a significant loss of investor wealth in the company.