Shares of Adani Group companies have been falling continuously since the release of Hindenburg’s report. The decline has turned as much attention on LIC as it has on the Adani Group.
It is noteworthy that LIC has invested in Adani Group’s shares, second only to its founder.
As a result, questions about LIC’s investments in the Adani Group company were being talked about in a big way. LIC issued a statement at the end of January to explain this.
The statement said, “LIC has invested Rs 30,127 crore in Adani Group companies over the years. The current market value of those investments as on January 27 has risen to Rs 56,142 crore.
Adani Group’s holdings are only 0.975 percent of the total shares managed by LIC so far. And all the Adani Group’s debt securities are rated ‘AA’ and above. Therefore, all these investments are as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI),” it explained.
However, the opposition parties continued to demand a high-level inquiry in the Parliament regarding the Adani Group issue. The central government has not spoken about the Adani issue. But the Adani group continued to suffer successive declines. Many companies backed out. Everyone was expecting what LIC, the country’s largest public sector company, was going to do in this environment. In this case, LIC said that it will meet the top executives of Adani Group regarding this matter.
In this regard, LIC Chairman MR Kumar told reporters:
“We want to know what is happening in the market and the Adani Group. Our investor group had already sought an explanation from the Adani management. As we were busy preparing the quarterly results, we were unable to contact the Adani Group. We will soon call them for clarification. . Let’s hear how they are managing it and how they are going to deal with these issues. Later it will be explained. We can’t give a timeline for the meeting between LIC and Adani Group officials now, we will meet soon and seek clarification.”