Life Insurance Corporation of India (LIC), the country’s largest insurer and the biggest institutional investor in the stock market, is set to see its stake in National Stock Exchange (NSE) emerge as its fifth-largest investment in a listed company, according to data analysed by Moneycontrol.
As of the March 2026 quarter, LIC held 26.53 crore shares, or a 10.72 percent stake, in NSE. Assuming an NSE share price of Rs 2,100, the holding would be valued at around Rs 56,105 crore.
Reliance Industries remains LIC’s largest listed equity holding. The insurer owned a 6.8 percent stake in the company as of the March quarter, which at the current share price of Rs 1,300 is valued at around Rs 1.18 lakh crore. State Bank of India is LIC’s second-largest holding, with its 8.78 percent stake worth Rs 83,219 crore, followed by Larsen & Toubro, where its 12.51 percent stake is valued at Rs 70,927 crore. ITC ranks fourth, with LIC’s 15.83 percent stake valued at Rs 57,672 crore.
At an estimated value of Rs 56,1055 crore, NSE would rank fifth in LIC’s portfolio, ahead of HDFC Bank, Bharti Airtel, Infosys, ICICI Bank and Tata Consultancy Services. LIC’s stake in HDFC Bank is valued at Rs 49,738 crore, followed by Bharti Airtel at Rs 44,850 crore, Infosys at Rs 44,871 crore, ICICI Bank at Rs 44,220 crore and TCS at Rs 41,846 crore. LIC’s 10.18 percent holding in ONGC is valued at Rs 29,935 crore.
The performance of LIC’s largest holdings has been mixed since the start of 2024. Reliance Industries has gained around 2 percent during the period, while ITC, Infosys and TCS have declined by nearly 38 percent, 32 percent and 44 percent, respectively. HDFC Bank has fallen 8 percent, while Larsen & Toubro has gained 20 percent. State Bank of India has risen 62 percent, Bharti Airtel 89 percent, ICICI Bank 35 percent and ONGC 20 percent. In comparison, the Sensex and Nifty have gained 6.3 percent and 10.4 percent, respectively, according to Prime Database data.
Prime Database data also showed that LIC’s share by value in NSE-listed companies edged down to 3.71 percent as of March 31, 2026, from 3.72 percent three months earlier. In value terms, LIC’s holdings stood at Rs 15.11 lakh crore at the end of March 2026, down 13.63 percent from the previous quarter.
Considering only free-float holdings, LIC’s share by value increased to 7.42 percent in the March 2026 quarter from 7.39 percent in the preceding quarter. Meanwhile, LIC’s average ownership by number of shares across all NSE-listed companies remained unchanged at 0.61 percent during the period, according to Prime Database.