LIC plunges to Rs 2 lakh crore in two-and-a-half months, raising concerns for investors

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New Delhi, March 19, 2020 Thursday

Coronavirus is now spreading all over the world, while the price of crude oil in the global market is constantly decreasing, which is the reason why the stock market worldwide, including India, is collapsing.

BSE's leading index Sensex and NSE index Nifty have also been witnessing a steady decline in the domestic market.

The life insurance company of India's largest insurance company (LIC) has suffered an estimated loss of around Rs 1.9 lakh crore.

1.9 lakh crore loss in two and a half months

According to a report, LIC has suffered a loss of around Rs 1.9 lakh crore in the last two and a half months.

While the government itself is also working on a plan to list it in the market, however, before the listing of the LIC, the central government will have to get regulatory approvals as well as amend the law.

209 companies lost LIC status in BSE 500

The total holding of LIC for the quarter ended December 2019 was Rs 6.02 lakh crore, which is now reduced to Rs 4.14 lakh crore.

The report is based on a study of 209 companies in the S&P BSE 500 Index, of which LIC has a stake of more than 1% as of December 2019, with about 65% of the total participation of these companies in the total market capitalization of BSE.

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