Shares of the state-run life insurance giant, Life Insurance Corporation, came under selling pressure on Tuesday after JPMorgan downgraded its rating and lowered its price target. The brokerage downgraded LIC to “neutral” from “overweight.”

JPMorgan cut its target price on LIC to Rs 780 from Rs 840. Its latest target implies a 9.9% upside potential for LIC stock.

According to Motilal Oswal Financial Services, LIC has all the levers to maintain its industry-leading position and accelerate growth in high-margin product segments, primarily protection, non-participating savings and annuities), but changing the gears of such a large organisation requires particular well-thought-out execution.

LIC shares have lost 19% of their value over the past year, compared with a 1.9% drop in the benchmark Nifty50 index over the same period.

Shares of LIC have traded above their offering price since the state-owned insurance giant went public in May 2022.

LIC’s IPO was the largest in India, with subscriptions totalling three times the number of shares issued.