A steep 13 per cent drop in the ITC shares on Tuesday weighed heavy on its largest shareholder, Life Insurance Corporation of India (LIC), which suffered a notional loss of over Rs 8,150 crore for the day.
The state-run insurer lost over Rs 7,000 within the first few minutes of trading. Selling pressure on the counter intensified as the session progressed. The insurer eventually lost Rs 8,152 crore on its ITC investments, as the cigarette maker saw its market value contracting by Rs 50,045 crore to Rs 3.46 lakh crore.