Shares of LIC rose 1.89 percent to settle at Rs 837.05 today.
New Delhi:
Life Insurance Corporation of India (LIC) posted a profit of Rs 2,409.39 crore on Monday during the quarter ended March 31, 2022, 17.41 percent lower than Rs 2,917.33 crore in the same period last year.
The board of directors of the state-run insurer has also declared a dividend of Rs 1.50 per share of shares with a par value of Rs 10 each for fiscal year 2021-22 (FY22), subject to shareholders nodding.
The dividend recommendation comes as the insurance giant received a lukewarm response from its mega initial public offering (IPO). The stock had hit an all-time low of Rs 801.55 after trading weakly at the issue price of Rs 949.
Meanwhile, LIC shares rose 1.89 percent to settle at Rs 837.05 today. The financial figures were declared after market hours.
This is LIC’s first quarterly post-listing announcement.
The valuation of LIC has fallen to over Rs 80,000 crore from the issue, with about Rs 42,500 crore market capitalization (m-cap) lost from its lackluster debut on May 12 and another Rs 38,000 crore since then.
