New Delhi, Aug. 4 -- Life Insurance Corporation of India (LIC) share price tumbled as much as 8.28% on NSE in Tuesday's trading session after the government's Offer for Sale (OFS) opened for subscription to non-retail investors.

LIC shares opened at Rs.392 apiece today, as compared to previous close of Rs.428.50 on Monday. The stock touched an intraday low of Rs.390.50 on 4 August.

The government on August 4 announced an offer-for-sale (OFS) of a 2.5% stake in LIC, with an option to offload an additional 4% through the green shoe option. The OFS will open for non-retail investors on Tuesday, while retail investors can place their bids on Wednesday.

According to the Department of Investment and Public Asset Management (DIPAM), the floor...