LIC IPO: $17 billion loss puts LIC IPO among top money losers in Asia

A massive $17 billion drop in market value has made Life Insurance Corporation of India one of the biggest wealth destroyers in Asia’s initial public offerings this year. India’s biggest IPO of all time ranks second in terms of loss of market capitalization since listing, after a 29% drop since the beginning of May 17, according to data compiled by Bloomberg. The drop puts it just behind South Korea’s LG Energy Solutions Ltd., which saw its share price drop more than 30% for the first time since its initial spike.…