Adverse impact of Adani – Hindenburg row has spilled over to the Life Insurance Corporation (LIC) holdings, which has invested in seven key Adani Group Companies , which have fallen to Rs 26,862 crore down 11% from the purchase value of Rs 30,127 crore. LIC has held 9.14% in Adani Ports, 5.96% in Adani Total Gas, 4.23% in Adani Enterprises, 3.65% in Adani Transmission and 1.28% in Adani Green Energy in a quarter ending December 2022.
Value of LIC Holdings in 7 key Adani Group Entities falls to Rs 26,862 Crore
LIC stated in Press Release
“LIC’s total holding under equity and debt is Rs 35,917.31 crore as on December 31, 2022, under the Adani group of companies. The total purchase value of equity purchased over the last many years under all the Adani group companies is Rs 30,127 crores and the market value for the same as at close of market hours on January 27th, 2023 was Rs 56,142 crores. The total amount invested under Adani Group amounts to Rs 36,474.78 crores as of January 30, 2023,”.
Further LIC added,
“The total Assets Under Management by LIC are over Rs 41.66 lakh crore as of September 30, 2022. Therefore, LIC’s exposure in the Adani group, as of January 31, 2023, is 0.975% of LIC’s Total AUM at book value,”.
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LIC’s Shareholding Pattern in Adani Group Companies
LIC had enlarged its shareholding in four of the seven listed Adani Group Companies in previous nine quarters. From September 2020 to December 2022, LIC stake in flagship Adani Enterprises surged from less than 1% to 4.23% in Adani Total Gas, it rose from to 5.96% from less than 1% in Adani Transmission to 3.65% from 2,42% and in Adani Green Energy , to 1.28% from less than 1%. The only exceptions are Adani Ports , where LIC holding declined marginally from 9.61% till September 2022 to 9.41% in December 2022,and other two Adani Power and Adani Wilmar , in which the stake is under 1%.
After the allegations of stock manipulation leveled by Hindenburg Research, the Adani Groups m-cap fell over 60%.This has led to Gautam Adani led Group’s market capitalization has crashed to Rs 7.15 lakh crore, as compared to 19.18 lakh crore on January 24, with the loss totaling 12.02 lakh crore.
Adani Group companies stocks such as Adani Green Energy, Adani Total Gas and Adani Transmission have plunged over 70 % while the flagship Adani Enterprises shares have lost over 60%. Adani Power has crashed by 46% and Adani Ports, Adani Wilmar, ACC and Ambuja Cements have fallen over 25%.
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