(Bloomberg) -- Life Insurance Corporation of India has tumbled 40% since its trading debut a year ago, putting it among the worst performers of newly listed companies, as the country's biggest initial public offering struggles to attract investors.
The nation's largest life insurer, which surprised investors last year with its $2.7 billion share offering amid the threat of global stagflation, has struggled since its debut on fears its massive size leaves limited room for further growth. LIC's performance is similar to state-run peers General Insurance Corporation of India and New India Assurance Co., both of which have seen their market capitalizations shrink after their respective listings.
Still, most analysts remain bullish about LIC's prospects. Fourteen of 17 surveyed by Bloomberg have a buy rating on the stock, while the median 12-month average target price is about 30% above the current share level.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.