LIC has suffered a loss of Rs 12000 crore due to the fall in the shares of the Adani Group after the bribery allegations against the group. The biggest loss has been due to the fall in the shares of Adani Ports.
After the allegations against Gautam Adani in the US, the shares of his companies have fallen drastically. Due to this, the assets of the investors sitting in those stocks have also come under the grip of this fire. One of these investors is also the government insurance company Life Insurance Corporation (LIC). LIC’s money is invested in 7 companies of Adani. As a result, LIC has suffered a loss of Rs 12000 crore.
After the bribery allegations against the Adani Group, the shares of the group have seen a decline of up to 20 percent. After the fall in Adani’s stocks, LIC has suffered the most loss due to Adani Ports.
Where and how much property has decreased
LIC has suffered a loss of Rs 5009 crore due to the fall in the shares of Adani Ports. After this, it has suffered a loss of Rs 3012 crore from Adani Enterprises, Rs 1207 crore from Ambuja Cements, Rs 807 crore from Adani Total Gas, Rs 716 crore from Adani Energy Solution and Rs 592 crore from Adani Green Energy. Apart from this, LIC has suffered a loss of Rs 381 crore from Adani’s own company ACC.
What is the matter?
According to Reuters, 8 people including Gautam Adani have been accused of giving bribe. According to the report, they had offered a bribe of about $250 million (about Rs 2029 crore) to Indian officials. This allegation has been made in New York. According to the allegation, this was done from 2020-24. Apart from Adani Group Chairman Gautam Adani, 7 more people are involved in this case.
According to reports, one of Adani’s companies had got a contract to supply 8 GW of renewable energy to the Government of India’s Solar Energy Corporation of India. The central government would sell this electricity produced from solar energy to the states. However, the Center could not find a buyer for it and the deal could not move forward. After this, the Adani Group allegedly started bribing officials so that they could get energy supply contracts for the company. According to the report, under this deal, the Adani Group was sure to make a profit of $ 2 billion in 20 years.
Arrest warrant issued
This allegation against Adani has been made by Lisa H Miller, Deputy Assistant Attorney General of the Criminal Division under the Justice Department. A formal written complaint has been filed in this case. After this, an arrest warrant has been issued against Gautam Adani and his nephew Sagar Adani. However, the Adani Group has termed this as a baseless allegation and said that all possible legal options will be taken in this regard.
