Life Insurance of India (LIC) declared that it has received ₹21,740 crore in refund from the Income Tax Department, reported The Economic Times. The total amount of refund was ₹25,464.46 crore, with less than ₹4000 crore still pending.
LIC, India’s largest insurer, received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, and out of the total, a refund of ₹3,700 crore still awaited.
LIC said in a statement, “In this regard, the Income tax Department has released ₹21,740.77 crore on 15.02.2024. The Corporation is pursuing for the balance with the Income Tax Department.”
LIC also reaped the benefits of the windfall gains of December 2023 quarter, selling off $4.7 billion worth of shares of listed domestic companies, as the stock reached its all-time high for the first time since the company was listed.
The spike in share prices was also triggered by the stellar quarterly reports, which saw a 49 percent growth in year-on-year net profits for December quarter of FY2024, reaching ₹9,444.4 crore compared to ₹6,334.2 crore last year same period.
Meanwhile, shares of LIC fell 1.52 percent on Friday as the markets closed, falling to ₹1,039 apiece as the market saw a rise of 0.52 percent.
LIC loses ₹26,217 crore as shares fall
The market cap of the six most valued firms in India took a major hit on Friday, despite a significant rise in the stock market indices. The wealth of these six companies was eroded by over ₹71,414 crore, with LIC and Tata Consultancy Services (TCS) being the biggest laggards.
Of the top-10 most valued firms, Life Insurance Corporation of India (LIC), Tata Consultancy Services (TCS), ITC, Hindustan Unilever, Bharti Airtel and Reliance Industries faced a total wealth erosion of ₹71,414.03 crore.
The market valuation of state-owned insurer LIC fell by ₹26,217.12 crore to ₹6,57,420.26 crore on Friday as shares tumbled by over 1.5 percent.
(With inputs from PTI)