LIC Shares Skyrocket 9%, Becoming India's 4th Largest Stock, Surpassing ICICI Bank In Market Cap
Modi's endorsement of LIC comes at a crucial juncture for the insurance behemoth, elevating investor sentiment and driving substantial growth in its market capitalization.
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“LIC Shares Skyrocket 9%, Becoming India's 4th Largest Stock, Surpassing ICICI Bank In Market Cap”
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8 Feb 2024
Following Prime Minister Narendra Modi's acknowledgment of Life Insurance Corporation of India (LIC) in the Rajya Sabha, the PSU stock surged by 9.5% to reach a record high of Rs 1,144 on the Bombay Stock Exchange (BSE). This surge propelled LIC's market capitalization beyond the Rs 7 lakh crore mark, positioning it as India's fourth largest stock, surpassing giants like ICICI Bank and Infosys.
Often characterized as a slow-moving elephant due to its conservative approach, LIC's remarkable ascent highlights its newfound vigor in the market. The surge in its stock value signifies the market's confidence in LIC's future prospects, further reinforced by Modi's recognition of its accomplishments.
