LIC's looming IPO weighs on insurer shares, investors say

Next month's mammoth stock market debut for Life Insurance Corporation (LIC) has battered shares in other insurers as investors trim their holdings to make room for the state-owned giant, fund managers and analysts said. The flotation, potentially raising $8 billion, likely will continue to drag on LIC's competitors for about a year and could spread to other sectors, they said. https://ift.tt/epESsAd