LIC chairman said, will call the top management of Adani group to understand the matter

LIC On Adani Group: The top management of the country’s largest insurance company LIC, which is involved in controversies regarding investment in the Adani group’s stocks, will soon call the top management of the Adani group and discuss Hindenburg’s allegations and the situation that arose after that. LIC Chairman MR Kumar has given this information. He told that the investment department of LIC has already contacted the Adani group.

The chairman of LIC said that we will talk to the top management of Adani group and take stock of the situation. Also, will try to know about their plans in future. LIC said that its asset under management as on December 31, 2022 is Rs 44.34 lakh crore and its exposure to Adani group is 0.97 per cent of the total AUM.

Earlier on Tuesday, February 9, the central government presented a clarification in the Parliament amid concerns over investment in Adani Group’s shares. The government told the parliament that the insurance company LIC has told the government that it strictly follows all the rules while making investments. Minister of State for Finance Bhagwat Karad said that LIC has informed that all its investments are made in strict compliance with the statutory framework of the Insurance Act, 1938 and IRDAI Investment Regulations, 2016 and are guided by the Corporate Governance Rules. He said that LIC has also clarified that most of the information regarding its investments is already publicly available.

LIC issued a statement and gave clarification regarding investment in companies of Adani Group. LIC (LIC) has said that in the last several years, it has bought shares worth Rs 30,129 crore in the company of Adani Group, whose market value is Rs 56,142 crore on the basis of the closing price of January 27, 2023.

On Thursday, LIC has declared the results in the third quarter of the financial year 2022-23. LIC’s profit in the October to December quarter has been Rs 8334.2 crore, which is 34 times more than Rs 235 crore in the same quarter of the last financial year.

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