LIC stock hits 4-month low amid government's 6.5% stake sale

On Tuesday, LIC shares dropped by 8.82%, reaching their lowest point in almost four months. This slide followed the launch of the government's Offer for Sale (OFS), which set a price of ₹382 per share. This is roughly 11% cheaper than the closing price of ₹424.35 from Monday. The OFS, which allows for the sale of up to 6.5% of the insurer, is now open for non-retail investors.