The fall in the price of stocks of the Adani group showed simultaneous damage on India’s largest life insurer, Life Insurance Corporation (LIC) of India.
The fall in the value of stocks of Adani Group after the Hindenburg Research report has made a huge dent in the portfolio of its investors. In the last 2 sessions, Adani Group has made a dive much lower than the benchmark indices which caused a huge loss to its institutional and retail investors.
The Life Insurance Corporation (LIC) of India is one of the huge shareholders in the Adani Group lost around 16,580 crores in the last 2 sessions.
While due to the ongoing pressure, the share value of LIC also fell by 5.3% over the last two days.
Following is the list of loss incurred by the Adani Group stocks causing LIC to sink into loss too:
- The shares of Adani Enterprises in which LIC holds 4.23% stake fell by 18.5% during the day.
- The shares of Adani Gas in which LIC owns 5.96% stake fell by 20%
- The shares of Adani Transmission in which LIC holds 3.65% stake fell by 19.99%
- The shares of Adani Ports in which LIC owns 9.1% fell by 5%
- The shares of Adani Greens Energy in which LIC holds 1.28% stake fell by 20%
If we add up all these losses, the LIC group has in total lost around 16,580 crore. It is being said that besides the Adani group, LIC has emerged as the biggest loser on account of fall in Adani stocks.
Due to all these losses, Gautam Adani, who occupied the third spot in the Forbes list of billionaires, slipped to 7th slot on Friday.
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