LIC among top 10 valued firms?: Life Insurance Corporation of India (LIC), state-run insurance company is no longer part of the top ten companies by market capitalization as it has been replaced by Bajaj Finance and Adani Transmission. LIC holds 11th spot in the list, whereas Bajaj Finance and Adani Transmission have taken 10th and 9th spot, respectively, in the overall ranking. In this article, we will be discussing that how LIC is not among top 10 most valued firms.
LIC Not Among Top 10 Most Valued Firms
- LIC share price has fallen sharply since its listing on the stock exchanges on May 17, 2022.
- LIC shares were allotted to the investors at ₹949 apiece and got listed at the stock exchanges at discount.
- The stock is about 29% down from its initial public offering (IPO) issue price of ₹949. This is a sharp fall given LIC had entered the bourses as India’s 5th most valuable company, with an market capitalisation of Rs 5.48 lakh crore. LIC’s market capitalisation now stands at Rs 4.26 lakh crore and is placed in the 11th spot in the highest m-cap list.
- Adani Transmission is now the country’s 9th most listed firm with a market value of Rs 4.43 lakh crore, while Bajaj Finance took the 10th spot with a total m-cap of Rs 4.42 lakh crore as on August 30, showed BSE data.
- The fall in the valuation of LIC is a setback for its biggest stakeholder, the Government of India, as further dilution in the firm may fall short of its divestment plans. Notably, in the initial months of this year with $8.65 bn, LIC was the 10th most valued insurance brand globally.
- Reliance Industries Limited remains the country’s most-valued Indian company with a market capitalisation of Rs 17.8 lakh crore, followed by Tata Consultancy Services (TCS), HDFC Bank, Infosys, Hindustan Unilever (HUL), ICICI Bank, State Bank of India (SBI), and HDFC.