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As anchor investors’ lock-in period expires today, the LIC share price falls to a new low.

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As anchor investors’ lock-in period expires today, the LIC share price falls to a new low.

Shares of Life Insurance Corporation of India hit record low of ₹682 on the BSE in opening deals. 30-day lock-in period for anchor investors end today. Anchor investors, who bought over 59 million shares, can sell their shares in the open market from Monday.

Anchor investors are high-profile institutional investors that are allotted shares before the subscription opens for retail and other investors. In most cases, selling pressure persists over the day as anchor investors no longer are bounded to remain invested in these companies after the mandatory lock-in period.

LIC share price has fallen sharply since its listing on the stock exchange. The stock is about 25% down from its IPO issue price of ₹949 per share. LIC shares were allotted to the investors at ⁹949 apiece and got listed at discount.

The government on Friday said it is ‘concerned’ about the temporary dip in the insurance giant’s stock price and assured that the insurer’s management will look into these aspects and raise shareholders’ value.

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The insurer posted a 17% decline in consolidated net profit to ₹2,409 crore for the fourth quarter ending March 2022.

Analysts at Mehta Equities say the company will find interest from domestic retail and HNI investors as well as institutional investors.

Anchor investors oversubscribed a day before the initial share sale of the Life Insurance Corporation of India (LIC) was opened for subscription. The government raised more than ₹20,000 crore by diluting its 3.5% stake in the state-owned insurer.

 

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

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Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise

Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.

Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.

Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.

Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.

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The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.

BCCI’s tribute

Additionally, the BCCI issued a statement about his demise.

“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.

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His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.

Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.

Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.

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