LIC shares rise nearly 2% after receiving refund of ₹21,740 crore from Income Tax Department

Shares of Life Insurance Corporation of India (LIC) surged nearly 2% following news of the company receiving a refund of ₹21,740 crore from the Income Tax Department. The refund amount, totaling ₹25,464.46 crore, was received for various Assessment Years, with approximately ₹3,700 crore still pending.

LIC, the country’s largest insurer, confirmed the receipt of refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20. As of 10:00 am, LIC shares were trading at ₹1,053.50.

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In a statement, LIC stated, “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.”