Lic says assessing the situation for new decisions related to investments in Adani Group
Life Insurance Corporation of India (LIC), which is a major investor in the Adani Group, told CNBC-TV18 that it is assessing the situation for any further investment-related decisions. India’s largest institutional investor has lost Rs 23,735 crore, or 30% of the value of its investment in Adani Group over the past three trading days, following Hindenburg’s report.
Life Insurance Corporation of India (LIC), which is a major investor in Adani Group, said CNBC-TV18 that he assesses the situation for any other decision relating to the investment. India’s largest institutional investor has lost Rs 23,735 crore or 30% of the value of its investment in Adani Group companies over the past three trading days following a scathing report from Hindenburg.
Hindenburg alleged market manipulation, accounting fraud and the use of offshore shell companies for money laundering at Adani Group companies. The conglomerate, however, denied the allegations and is considering legal action against the short seller.
LIC has seen the greatest erosion in companies like Adani Total, Adani Transmission and Adani Ports.
The total purchase value of LIC’s stake in Adani Group companies is Rs 30,000 crore, which means the market gain is around Rs 27,000 crore.
LIC also said CNBC-TV18 that they have an exposure of Rs 6,000 crore to Adani bonds but against that they have assets in the form of securities worth Rs 7,500 crore.
The company also clarified that the credit rating of all Adani debt securities held by LIC is AA and above.
First post: January 30, 2023 10:35 p.m. STI
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