Shares of Life Insurance Corporation of India (LIC) continued to fall for the fifth day running on Monday and further declined by nearly 3 per cent, dragging its market valuation below the Rs 5 lakh crore-mark.
The stock fell by 2.86 per cent to end at Rs 777.40 apiece on the BSE. During the day, it tanked 3.10 per cent to Rs 775.40 -- its lowest level since listing last month.
On the NSE, it declined by 2.96 per cent to finish at Rs 776.50 apiece. The company's market valuation stood at Rs 4,91,705.32 crore on the BSE.
The stock has been falling for the past five days, declining 7.12 per cent during this time. Earlier on May 17, the country's largest insurer LIC made a lacklustre debut on stock exchanges, listing at over 8 per cent discount after a successful Initial Public Offering (IPO).
LIC had fixed the issue price of its shares at Rs 949 apiece after a successful IPO, which was over subscribed nearly 3-times when it closed on May 9.
From its issue price of Rs 949, the stock is now down 18 per cent.