Despite crash, LIC net gains in Adani Group at `27,300 cr
State-run insurer’s total investment in Adani scrips was Rs28,400cr and it rose to Rs72,200cr and fell to Rs55,700cr after heavy selling amid report by Hindenburg Research
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New Delhi: Life Insurance Corporation of India (LIC) has made net gains of Rs27,300 crore from investments in Adani Group shares.
LIC's total investment in Adani shares has been at Rs28,400 crore. The value of these shares before the crash of last week was Rs72,200 crore. The crash happened because of a research report by short seller, Hindenburg Research.
Still, the value of Adani Group shares held by LIC is at Rs55,700 crore and LIC's net gain is Rs 27,300 crore. Adani Group has said in an earlier statement that accounting (or fraud type assertions) "investigation" by Hindenburg are devoid of facts. Of the Adani portfolio's 9 public listed entities, 8 are audited by one of the Big 6. On leverage or over leverage issue 100 of our various companies are rated (these account for nearly 100 per cent of our EBITDA), Adani Enterprises said in a stock exchange filing. On revenue or balance sheet being artificially inflated or managed - out 9 listed companies in Adani portfolio, 6 are subject to specific sector regulatory review for revenue, costs and capex, Adani Group said.
