The investment made by the country’s largest insurance company Life Insurance Corporation of India (LIC) in Adani Group companies has become negative.
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The investment made by the country’s largest insurance company Life Insurance Corporation of India (LIC) in Adani Group companies has become negative. This has been said in the report of CNBC-TV18. According to the report, at the time of market closing on February 22, the value of LIC’s investment in Adani Group companies stood at Rs 33,632 crore. This is as per the December shareholding pattern available with the exchanges.
How much is the value of the company’s investment?
On January 27, LIC disclosed that the value of its investments stood at Rs 56,142 crore. If the same value is calculated according to the shareholding pattern of December, it comes to Rs 62,550 crore. There is a difference of Rs 6,408 crore or a little over 10 per cent.
This raises an important question whether LIC had sold Adani Group shares between January 1 and January 24 for Rs 6,400 crore or a little over 10 per cent of its holding. Looking at the December shareholding pattern, the value of LIC’s investment in Adani group companies at the close of February 22 is Rs 33,632 crore.
LIC did not give any statement
Even after selling 10% stake in LIC’s Adani Group companies. And adjust it to the investment value of February 22, the revised market value will be Rs 30,221 crore. However, LIC has not given any response on its part on this news.
With today’s fall, the value of LIC’s investment has further declined by Rs 500 crore, leaving the insurance company at a loss on investment. On January 24, US-based Hindenburg Research released its report on Adani Group. In this, allegations of fraud and manipulation of the stock market were made. Since then, the market cap of the Adani-led group has seen a decline of more than Rs 12 lakh crore. Its stock has fallen more than 60 percent from its highest level.
Source: www.tv9hindi.com
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