LIC slumps in stock market debut after record-breaking IPO | Key Details

Life Insurance Corporation slumped on its market debut after a record-breaking IPO last week. The shares in the state-owned insurance giant slid to as much as 9.4 % to ₹860 in Mumbai against the issue price of ₹949 in the first hour of trading, according to a Bloomberg report. Last week, the Modi government raised $2.7 billion by selling 3.5 % of Life Insurance Corporation of India. But it was forced to cut back the offer from a planned 5 % after markets turned volatile. LIC policyholders and retail investors had got the shares at a price of ₹889 and ₹904 apiece. Watch the full video for more.