The stock opened with investor optimism and hit ₹400/apiece before steadily sliding and reaching the day’s close.
| Photo Credit: NIHARIKA KULKARNI
Investors sold Life Insurance Corporation (LIC) pulling it down by almost 8% in a session on the BSE, closing at more than a two-month low of ₹391/share after the government sold its stake at a lower price.The stock opened with investor optimism and hit ₹400/apiece before steadily sliding and reaching the day’s close.The government sold 6.5% stake in LIC at a discount of 10% . LIC’s offer for sale consisted of a base offer of up to 2% equity stake in the insurer with an option to sell an additional 4.5% stake.The floor price for the OFS was set at ₹382 per share. This is lower than the previous close of ₹428.5 a piece. The stake sale was open for non-retail investors on August 4, 2026 and LIC sold more than 74 crore shares at the floor price, making the issue at about ₹28000 crore. The stock will open for retail subscription, earmarked at 10% of the total stake sale, on August 5, 2026, going by the exchange filing.The OFS comes four years after LIC’s initial public offering (IPO), which had fetched ₹21,000 crore for 3.5% stake. Published - August 04, 2026 08:52 pm IST
