LIC’s Adani portfolio loses ₹8,683 Crore in a single day

22 Nov 2024 , 12:15 PM

State-run insurer Life Insurance Corporation of India (LIC), which owns stakes in seven Adani Group stocks, saw its overall holding value fall by ₹8,683 Crore in a single session on Thursday after a US court indicted Chairman Gautam Adani and several others in a $250 Million bribery case.

LIC has investments in Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Green Energy, Adani Energy Solutions, Adani Total Gas, ACC, and Ambuja Cements.

Adani Enterprises, the group’s flagship company, experienced the brunt of the price correction, which totalled ₹2,962 Crore across 4,64,52,613 equity shares. The shares fell 23%, or ₹637.65 each, to settle at ₹2182.55 on the BSE.

It was followed by Adani Ports, where the LIC’s investment value fell by ₹2,959 Crore. The stock fell by ₹174.35 per share, or 13.53%, from Tuesday’s closing price. According to the most recent BSE holdings data, LIC held a 7.86% stake in the company, or 16,97,11,417 shares, as of September 30, 2024.

The value of LIC’s stake in Adani Green Energy decreased by ₹570 Crore since Tuesday’s close. Adani Energy Solutions, Adani Total Gas, ACC, and Ambuja Cements all had share price declines of ₹716 Crore, ₹463 Crore, ₹191 Crore, and ₹822 Crore, respectively.

The US Securities and Exchange Commission has charged Billionaire Gautam Adani, the Adani Group’s founder and chairman, with allegedly misleading American investors and bribing officials.

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