LIC Shares Decline Over 3% To Hit Record Low After Q4 Net Slips 18%

Shares of LIC on Tuesday declined over 3 per cent after the company posted a 17 per cent decline in consolidated net profit for the fourth quarter ended in March 2022.

The stock declined 3.05 per cent to settle at Rs 811.50 on the BSE. During the day, it tanked 3.23 per cent to Rs 810.

At the NSE, it fell by 3.21 per cent to end at Rs 810.85.

In volume terms, 2.22 lakh shares were traded at the BSE and over 43.73 lakh shares at the NSE during the day.

Insurance behemoth LIC on Monday posted a 17 per cent decline in consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022.

The insurer had earned a profit of Rs 2,917 crore in the same quarter a year ago.

This is the first-ever quarterly result of LIC after being listed on bourses earlier this month.

The total income of the insurer during the March quarter increased to Rs 2,12,230.41 crore, from Rs 1,90,098 crore in the same period of the previous fiscal, LIC said in a regulatory filing.

LIC's income from first-year premium rose to Rs 14,663.19 crore against Rs 11,053.34 crore in the same quarter previous fiscal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor