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A $17 Billion Loss Puts Indian IPO Among Top Asia Wealth Losers

  • Shares of LIC have plunged 29% since their debut in May
  • LIC IPO’s poor performance has worried India’s government
The Life Insurance Corp. of India headquarters in Mumbai.

The Life Insurance Corp. of India headquarters in Mumbai.

Photographer: Dhiraj Singh/Bloomberg

An eye-popping $17 billion wipeout in market value has made Life Insurance Corp of India one of the biggest wealth destroyers among Asia’s initial public offerings this year.

Having plunged 29% since its May 17 debut, India’s biggest ever IPO now ranks second in terms of market capitalization loss since listing, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solution Ltd., which saw a more than 30% peak-to-trough decline in its share price after an initial spike on debut.