The Nifty and Sensex have fallen by 35% in this year till date and that is certainly going to hit investors like LIC that are holding an equity portfolio of close to $100 billion. It is estimated that the fall would have created a notional loss of close to Rs.190,000 crore in the overall portfolio of LIC (or close to $27 billion). LIC has substantial holdings in many listed companies. This is expected to dent plans of the government in listing LIC at the bourses. Clearly the big value destroyers for LIC have been banks, NBFCs and insurance companies. In addition, it has seen erosion in its portfolio of sectors like Oil & Gas, cigarettes, technology, metals, automobiles and infrastructure. The IPO plans will depend on how big the full impact of COVID-19 eventually becomes.