Life Insurance Corporation of India (LIC) surpassed State Bank of India (SBI) to become the country's most valued PSU firm by market valuation on Wednesday.
Shares of LIC climbed 3% to reach its 52-week high of Rs 919.45 in intra-day trade on the BSE. However, later it pared the gains and ended 0.63% lower at Rs 886.90.
The stock of SBI fell by 1.67% to Rs 626.15 apiece.
The market capitalisation of LIC stood at Rs 5,60,964.05 crore, which is Rs 2,149.47 crore more than SBI's Rs 5,58,814.58 crore valuation.
LIC stood at the ninth place in the ranking of top ten most valued firms.
Reliance Industries is the country's most valued firm with a market valuation of Rs 18,42,160.54 crore followed by TCS (Rs 14,21,230.44 crore), HDFC Bank (Rs 11,66,888.98 crore), ICICI Bank (Rs 6,87,740.99 crore), Infosys (Rs 6,80,631.89 crore), Bharti Airtel (Rs 6,10,389.59 crore), Hindustan Unilever (Rs 6,02,388.21 crore), ITC (Rs 5,82,423.61 crore), LIC (Rs 5,60,964.05 crore) and SBI (Rs 5,58,814.58 crore).
The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5% stake in LIC, through an Initial Public Offering (IPO).
The government holds 96.5% stake in the company.
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