New Delhi: The Life Insurance Corporation of India (LIC) & its investors are the latest ‘victims’ of persistent rout in Adani Group stocks. With most of the flagship scrips of billionaire Gautam Adani-led conglomerate n a downward spiral, this has hurt many associated firms deeply and 'exposed' their investments to big losses. LIC, nation’s largest insurance firm is paying a heavy price for exposure in the Adani Group stocks. On Thursday, its investments in various firms of the Group turned negative, which means its principal invested amount is witnessing a decline, on back of free-fall in Adani’s scrips. According to a leading business portal Moneycontrol, India’s largest insurer had made an investment of about Rs 30,127 crore in various firms of Gautam Adani-led behemoth. On Thursday, this value of investment turned red and slumped to about Rs 30,000 crore mark. On January 27, two days after damaging report by Hindenburg Research, the value of LIC investment in Adani Group stood at Rs Rs 56,142 crore. A month ago in December, the LIC was winning handsome returns with its investments in beleaguered firm as its value stood at about Rs 62,550 crore. LIC in Focus | #Value of LIC’s investments in #Adani Group companies turns #negative CNBC-TV18 #ANALYSIS: On January 27, LIC (@LICIndiaForever) disclosed its Adani Group investment value at Rs 56,142 cr & #buying cost at Rs 30,127 cr Here's more? pic.twitter.com/2BlLXTGaYa — CNBC-TV18 (@CNBCTV18Live) February 23, 2023 After the US short-selling firm levelled a series of charges against the Indian behemoth, all 10 major listed companies of Adani Group went into a tailspin. The carnage that began a day after Hindenburg report has gone unhindered and most of the flagship firms have logged slump of more than 50% in their stock value. February 22 was one of the worst days for Adani Group as it lost more than Rs 50,000 crore in valuation in a single day. This came in the backdrop of fresh allegations by Wikipedia editors that the powerful conglomerate fudged entries on its portal. On February 22, the value of investments in Adani Group stood at about Rs 30,221 crore, barely above the principal amount. As the free-fall in group scrips persisted, LIC investments turned negative on February 23, hovering around Rs 30,000 crore. Days ago, the LIC Chairman MR Kumar in conversation with the same buisness portal, took note of the crisis engulfing the Indian conglomerate and also hinted that the insurance firm may review its stake in the embattled group, if its stocks remain in free-fall. The bloodbath in Adani Group stocks has stripped the company of enormous wealth and reports suggest that it has lost more than $ 100 billion in valuations, in less than a month of turbulence & turmoil.
