Due to the continuing fall in Adani’s shares, the country’s largest insurance company has incurred a loss of more than Rs 50,000 crore in just 50 days.
Caught in the maelstrom of Hindenburg where Adani Group led by Gautam Adani has suffered the biggest loss so far, while investment in shares of Adani’s companies is costing LIC. Due to the continuing decline in Adani’s shares, the country’s largest insurance company has incurred a loss of more than Rs 50,000 crore in just 50 days.
How much was LIC’s investment 50 days back?
According to Business Today’s report, LIC has made huge investments in Gautam Adani’s companies (LIC Investment In Adani Shares). The investment value of the insurance giant was Rs 82,970 crore as on 31 December 2022, which came down to Rs 33,242 crore as on 23 February 2023. According to this, LIC has suffered a loss of Rs 49,728 crore in these 50 days. Since the publication of the Hindenburg report in the last one month, the losses have increased rapidly.
LIC shares fall with Adani-
LIC has invested in shares of almost all the listed companies of Adani Group. These include Adani Enterprises, Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission, Ambuja Cements and ACC. According to Business Today, a senior Finance Ministry official said that we cannot make any comment till the official filing to the exchanges regarding LIC’s investment.
He said that the value of investment in the market keeps changing. Talking about the shares of LIC, till the time of writing the news on Friday, they were trading at the level of Rs 585.70 with a decline.
On January 24, Hindenburg had presented its research report on Adani Group, in which big claims were made regarding manipulation of shares and debt. Due to the fall in Adani’s shares after the arrival of this report, Adani Group’s market capitalization decreased by Rs 12 lakh crore and it reached below $ 100 billion. The decline in all the stocks invested in LIC which started from February 25, 2023, is still continuing.
Tsunami in shares reduced the price so much-
If you look at the decline in Adani’s shares, the price of Adani Total Gas has declined by 80.68% in a month, while Adani Transmission has lost 74.21%, Adani Green Energy has lost 73.50% and Adani Enterprises has lost 64.10%. Are. Apart from this, Adani Power has slipped up to 48.40%, NDTV 41.80%. Shares of Adani Wilmar, Ambuja Cements, Adani Ports and ACC have also registered a decrease of 28% to 40%.
Where did Adani reach in the list of the rich?
With the collapse of the shares of the group, Gautam Adani’s wealth also decreased with each passing day and Hindenburg wreaked havoc that Ajani slipped from top-4 to 29th position in the list of billionaires. According to the Bloomberg Billionaires Index, Gautam Adani’s net worth has come down to $41.7 billion.
