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India's LIC falls 8% after country's largest IPO

Tepid debut of state-owned insurer signals caution as economy slows

LIC's IPO topped the 180 billion rupee listing of financial services company Paytm in November last year.   © Reuters

BENGALURU -- Shares of India's largest insurer, Life Insurance Corporation of India, fell 7.75% from its issue price of 949 rupees at the end of the first day's trade, signaling caution in the public markets amid a broader slowdown in the economy.

The shares opened at 867.20 rupees on Monday before closing at 875.45 on the Bombay Stock Exchange.

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