Shares of Life Insurance Corporation of India Ltd. declined on listing after the nation's biggest initial public offering was subscribed 2.95 times.
The stock listed at Rs 867.2 apiece on the BSE, a discount of 8.6% to its IPO price of Rs 949.
Thereafter, the stock hit an intraday high of Rs 920 and low of Rs 860 apiece, before settling at Rs 872.7 apiece, down 8.04%.
While demand for its shares in the IPO was led by policyholders and employees on the first three days, that from retail, institutional and non-institutional investors picked up in the next three days.
The government was aiming to raise as much as Rs 21,000 crore by selling a 3.5% stake in the nation's biggest life insurer.
The grey market, an unofficial market for equities, indicated that LIC might see a tepid debut, listing at a slight discount.
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