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Life Insurance Corporation of India, a government insurance company, is counted among the major investors in the stock market. LIC is the largest domestic institutional investor in the Indian market. The company has also been earning huge profits from the stock market and has been creating value for its shareholders and policyholders. Although the last few days have not been good for LIC in the stock market.
damage caused
Like other companies in the stock market, LIC has also invested in the shares of Adani Group. Due to this, LIC has suffered a lot, because the shares of Adani Group are becoming victims of heavy selling since last month. Ever since the American short seller Hindenburg issued a controversial report about the Adani group, all the shares of the group have been falling almost everyday. Due to this, LIC has incurred a loss of about 50 thousand crore rupees only in the last 50 days.
Invest in these shares of Adani
According to the data available on the stock market, LIC has acquired seven Adani Group companies Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Total Gas. Adani Total Gas), Adani Transmission, Ambuja Cements and ACC (ACC).
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thus reduced value
The value of LIC’s investment in these seven shares of Adani Group was Rs 82,970 crore as on 31 December 2022. This value reduced to Rs 33,242 crore on 23 February 2023. Thus, in the last about 50 days, the value of LIC’s investment in Adani’s shares has declined by Rs 49,728 crore.
Let us tell you that many serious allegations have been made on the Adani group in the Hindenburg report. In the report that came out on January 24, 2023, the group has been accused of fraud in accounting and manipulation of share prices. However, the Adani group termed all the allegations made in the Hindenburg report as baseless.
Adani’s shares fell so much
However, the shares of Adani Group continue to decline. Talking about this year, so far the shares of Adani Total Gas have fallen the most by about 80 percent. After this, Adani Green Energy has declined by about 74 per cent, Adani Transmission by 71 per cent, Adani Enterprises by 64 per cent, Adani Power by 48 per cent and NDTV by about 42 per cent. Apart from these, shares of Adani Wilmar, Ambuja Cements, Adani Ports and Special Economic Zone and ACC fell by 28 per cent to 40 per cent. Overall, the mcap of Adani Group has declined by more than Rs 12 lakh crore so far this year.
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