NEW DELHI: Falling for the seventh consecutive session, shares of Life Insurance Corporation of India (LIC) hit an all-time low of Rs 566 apiece on Monday. While the stock has fallen regularly since its weak listing last year, the recent plunge is attributed to a sharp drop in Adani Group shares.
cAs Adani stocks have plummeted by up to 82% following the Hindenburg Research report published on January 24, LIC’s investment value in the port-to-power conglomerate is believed to have turned negative.
This, according to experts, has irked investors. In the past month, LIC shares have dipped 14%. The stock is trading at a discount of 40% as against its issue price of `949 per share.