LIC shares fall more than 3% on lower earnings

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The stock fell 3.23% to Rs 810 on BSE.

New Delhi:

Shares of LIC fell more than 3% on Tuesday after the company posted a 17% drop in consolidated net profit for the fourth quarter ended March 2022.

The stock fell 3.23% to Rs 810 on BSE.

At NSE, it fell 3.31% to Rs 810.

Insurance giant LIC reported a 17% drop in its consolidated net profit to Rs 2,409 crore for the fourth quarter ended March 2022 on Monday.

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

This is LIC’s first-ever quarterly result after its listing on the stock exchange earlier this month.

The insurer’s total revenue in the March quarter rose to Rs 2,12,230.41 crore from Rs 1,90,098 crore in the same period of the previous fiscal year, LIC said in a regulatory filing.

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LIC’s income from the first year bonus increased to Rs 14,663.19 crore from Rs 11,053.34 crore in the same quarter of the previous fiscal year.

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