Report suggests Adani Group in trouble, LIC loses ₹16,580 crore

Report suggests Adani Group in trouble, LIC losses ₹16,580 crore

 

Life Insurance Company(LIC) providing insurances and is one of the domestic institutional investor(DII) losses ₹16,580 crore in 5 Adani shares. LIC holds huge shareholding in Adani group stocks. In Adani Enterprises, LIC holds 4.23 per cent of the stake in the capital of the company. In last days two days, Adani Enterprises share prices dipped from ₹3,442 to ₹2,768.50 which means LIC has lost around ₹3,245 crore in the fall in last two days. On the other hand, LIC holds 19,75,26,194 total in the shares, here LIC loses ₹3,095 crore approximately. As per October to December 2022 quarter, LIC holds 4,06,76,207 shares or 3.65 per cent stake in the Adani Transmission. Here LIC has lost ₹747.95 per share in the last two days. In Adani Green, LIC has lost ₹875 crore in total in the last two sessions.

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The US based research firm specializes in activists short-telling, Hindenburg Research published a report which disclosed the information on Thursday. While Adani Group has threatened the US investor Hindenburg Research on the report, in confrontation investor has pointed out that Adani Group has not answered 88 straight forward questions included in the report. The scenario took place on Thursday.

The stock market incurring huge losses these days. Amid all these fuss, Hindenburg Research Report did more damage to the Adani Stocks. Adani Group Stocks was already incurring plunge in their key benchmark indices. Consequently, Adani Group has lost in its retail and institutional investors.