LIC's Adani Investment More Than Doubles In A Big Comeback

The combined value of the insurer's holdings in Adani stocks stood at Rs 56,629 crore as on Dec. 5.

The LIC logo outside the Bombay Stock Exchange in Mumbai, ahead of the insurer's listing event on May 17, 2022. (Source: BQ Prime)

Life Insurance Corp.'s investment in the Adani Group has more than doubled since the post-Hindenburg lows as the conglomerate's stocks rallied.

The combined value of the insurer's holdings in Adani stocks stood at Rs 56,629 crore as of Dec. 5, recovering by Rs 30,300 crore from the lowest they fell to after the short-seller's allegations.

Shares of Adani Group stocks rallied, surging up to 20%, after a U.S. agency concluded that Hindenburg Research accusations against the Gautam Adani-led group were not relevant, Bloomberg reported on Tuesday.

The recovery is also aided by the Adani Group's debt repayment, GQG Partners' investment, the U.S. government’s clean chit, the Supreme Court upholding confidence in SEBI and the Rs 7 lakh crore capex plan.

LIC holds stakes in seven group companies, including 9.1% in Adani Ports and Special Economic Zone Ltd. and 4.2% in Adani Enterprises Ltd. The Adani Group has seen its market capitalisation rise to over Rs 13 lakh crore, driven by an upsurge since the start of November.

Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.

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Hiral Dadia
Hiral Dadia is Deputy News Editor – Markets at NDTV Profit. She began her c... more
Chinmay Vasdev
Chinmay Vasdev covers Business and Markets as a part of the research team. ... more
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