New Delhi, Mar 19 (PTI) Shares of insurance major Life Insurance Corporation of India (LIC) fell by nearly 3 per cent on Tuesday, extending their downtrend for the third day.

The stock declined 2.77 per cent to settle at Rs 879.50 apiece on the BSE. During the day, it lost 3.15 per cent to Rs 876.05.

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On the NSE, it dropped 2.71 per cent to Rs 879.85.

In three days, the stock has declined by 8.27 per cent on the BSE.

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From its 52-week high of Rs 1,175, the stock is down 25.14 per cent.

The country's largest insurer was listed in May 2022. The government had sold over 22.13 crore shares, or a 3.5 per cent stake, in LIC, through an Initial Public Offering (IPO).

The government holds 96.5 per cent stake in the company.

Shares of the insurer is down over 7 per cent from its issue price of Rs 949.

LIC is the eighth most valued domestic firm by market valuation. Its market capitalisation stood at Rs 5,56,283.55 crore.

Meanwhile, the government has approved a 17 per cent overall hike in wages for more than 1.10 lakh employees of the insurance giant.

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