The Life Insurance Corporation of India (LIC) incurred a notional loss of over ₹11,000 crore after ITC shares fell nearly 14% in two trading sessions.
The decline followed the government’s move to raise excise duties on cigarettes, impacting tobacco companies. ITC’s share price touched a 52-week low near ₹345, slashing around ₹72,000 crore from its market value.
Other public insurers, including General Insurance Corporation and New India Assurance, also faced significant unrealised losses. The losses will materialise only if these shares are sold.