The country's giant Life Insurance Corporation LIC has been out of the top ten companies. The listing of LIC in the Indian stock market has not been liked by its investors so far. Now, this bad news related to the company is coming out. The company has been left out of the list of top 10 companies in the country in terms of market cap. In this case, the company has now reached number 11. LIC, which entered the stock market this year, has been replaced by companies like Bajaj Finance and Adani Transmission.
The market capitalization of Life Insurance Corporation of India has come down to Rs 4.26 lakh crore. This is lower than Adani Transmission's Rs 4.41 lakh crore and Bajaj Finance Rs 4.35 lakh crore. For information, let us tell you that the day LIC was listed in the stock, its market cap was Rs 6 lakh crore. LIC shares are currently trading in the stock market with a decline of 30 percent from its initial public offering (IPO) price of Rs 949. On the other hand, the shares of Adani Transmission have registered a growth of about 130 percent this year.
On the other hand, Bajaj Finance has not given profit to its investors, so it has not allowed any loss either. It is worth noting that in the first quarter (April-June) of the financial year 2022-23, Life Insurance Corporation of India's net profit increased by 232 times to Rs 682.89 crore. The net profit of the insurance company in the first quarter of the last financial year was Rs 2.94 crore. LIC's IPO was introduced in May this year.