Shares in Life Insurance Corporation of India (LIC) fell to a new low for the fifth straight session in early trade on Monday. LIC shares opened at Rs 800.25 per share on NSE today and hit a new low of Rs 786.10 per share as its market capitalisation fell below Rs 5 lakh crore to around Rs 4.97 lakh crore.

LIC shares are trading today at about 17% below the cap price range of Rs 949 per share for the LIC IPO. Stock market experts believe that the LIC share price may fall further as the 30-day lock-up period for major investors ends in the middle of this month.

Sumeet Bagadia, executive director of Choice Broking, said: “LIC share price follows a chart pattern and my advice to new investors is to avoid any position in LIC stock at current levels.”

On advice for long-term investors who have LIC shares in their portfolio, Bagadia said, “LIC share price could rise to the Rs 750 level, while those with a long-term view can hold shares and continue to average $5-6 per share. Points fell. However, the average should start around Rs 750.

Last week, brokerage and research firm Emkay said it had a neutral view on LIC shares and set a 12-month target price of Rs 875 on the stock, below its IPO price.