On Monday, shares of India’s Life Insurance Corporation (LIC) fell for the tenth time in a row. The 30-day lock-in period for anchor investors expired today, and the stock is now down more than 28% from its issue price of Rs 949.
Anchor investors, who purchased nearly 59.3 million shares a day before the IPO opened for subscription at Rs 949 each, will be able to sell their shares on the open market beginning Monday. The anchor lock-in period for a newly listed stock expires after a month of equity allocation.
On Monday, the stock fell 4% to an all-time low of Rs 681.70 on the BSE, while its market capitalisation (m-cap) fell to Rs 4,34,052 crore.