© Reuters. FILE PHOTO: Life Insurance Corporation of India (LIC) logo is seen displayed on a smartphone in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration

By Nupur Anand

MUMBAI (Reuters) – Shares in state-owned Life Insurance Corp of India (LIC) slid 5% in their market debut on Tuesday, with sentiment hurt by recent market volatility.

The government raised about $2.7 billion from selling a 3.5% stake in the country’s biggest insurer and largest domestic financial investor, marking India’s biggest IPO to date.

The IPO was priced last week at 949 Indian rupees, the top of the indicated range.

Shares were trading at 900 rupees on Tuesday morning.

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