Finance Ministry’s reply on Adani controversy! So much money is invested in the group of insurance companies

Ministry of Finance on Adani Group: The Adani group has been in the limelight for some time now. In such a situation, while answering a question related to Adani Group, the Finance Ministry said that 5 government general insurance companies of the country have a total exposure of Rs 347 crore in Adani Group. This is 0.14 per cent of the total Assets Under Management (AUM) of the companies. Let us tell you that the Finance Ministry was asked in Parliament that how much loan was given to Adani Group by banks and financial institutions. In such a situation, Minister of State for Finance Bhagwat Karad while giving a written answer to this question also said that according to the RBI Act, the Financial Institution cannot disclose the total amount of loan given by different government and financial institutions to the Adani Group.

How much did LIC and SBI invest?

Responding to the question of investment in Adani Group of Life Insurance Corporation of India, Karad said that this government body had disclosed on January 30, 2023 that equity and loan in Adani Group is Rs 35,917.31 crore. This figure is till December 31, 2022. Whereas LIC’s AUM is 0.977 percent of Adani Group. Along with this, Minister of State Karad also said that United India Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and General Insurance Corporation cannot disclose the amount invested in Adani Group. Because they are bound by rules.

Adani Group shares fell

On the other hand, if we talk about today’s stock market, due to profit booking in the first trading day of the week, a decline was registered in the Indian stock market. The shares of Adani Group registered a sharp decline. Out of 10 companies of Adani Group listed on the stock exchange, lower circuit had to be imposed in 6 shares today. The biggest reason behind the fall in the company’s shares is that the credit outlook of the group has been downgraded by the rating agency Moody’s. In such a situation, there is an atmosphere of pessimism among the investors and its pressure has been seen on the shares.

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