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After record IPO, LIC makes weak market debut
By Vikash.N
krishna murthy
Life Insurance Corporation (LIC) made a weak debut in the market after a record breaking IPO
The shares in the LIC slid to as much as Rs 860 against the issue price of Rs 949
By selling a 3.5 per cent stage the government raised $2.7 billion or Rs 20,557 crore
Analysts say that the share prices dropped due to the volatility in the global market
LIC policyholders and retail investors had got the shares at a price of Rs 889 and Rs 904 apiece
Experts say that LIC should be able to settle the market share at 62-63 per cent of the insurance market, according to newly agency Reuters
News agency PTI said that over 22.13 crore shares have been sold by the government with the IPO