Shares of Life Insurance Corporation of India slumped for a third straight session on Monday hitting a new 52-week low of ₹540.05.
What Happened: Shares of the insurance giant have had a rough start to the year as the stock has fallen over 20% year-to-date. One of the major reasons behind the stock’s downtrend this year has been its exposure in the crisis hit Adani Group stocks.
While the company’s multifold increase in profits in the December quarter did help chart some recovery, it did not last for long. In the last 15 sessions, the company’s stock has closed in the green only on two occasions.
The slump today comes as media reports suggest that the company might be looking to cap its investments after its investments in the Adani Group stocks came under heavy criticism recently. The move is said to be taken to limit investment concentration risks.
Price Action: Shares of LIC slumped 2.65% to close at ₹545.20 on Monday.
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