LIC opens to lukewarm response on share market. Twitter reacts with memes
India Today
The country's largest insurer, Life Insurance Corporation of India (LIC), on Tuesday listed its shares at a discount of 8.11 per cent. Twitter is replete with memes summing up the current mood of investors.
Life Insurance Corporation of India (LIC), on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE. Despite being subscribed 2.95 times, LIC made a muted debut as India's biggest initial public offering. On the BSE, the shares got listed at Rs 867.20 apiece, down by 8.62 per cent over the issue price of Rs 949 per share. The volatility in global markets and selling pressure in the domestic stock market cast a shadow on the share listing of the country's largest insurer.
Market trackers speculated that LIC shares might not have a four-digit listing owing to the gyration in global financial markets. Investors were unable to derive even the listing gains. While people who failed to get the allotment for the LIC IPO rejoiced, others were left with a bitter taste. Twitter is replete with memes summing the current mood of the people who invested in the LIC IPO.
#LICIPO applicants.#licipolisting #Nifty #LICListing #stocks#StockMarketIndia pic.twitter.com/5z1PsrVmJq
“I am a champion of #pullout game”After @Paytm, so happy to have cancelled #LICIPO bid too. pic.twitter.com/iB76K35UCn
