LIC loses more than ₹1,400 crore in six Adani stocks in just a day; details here

livemint.com:

Adani Enterprises share price ended 3.51% lower, Adani Total Gas share price closed down 2.24% , Adani Energy Solutions share price concluded 3.53% lower, Adani Green Energy share price ended 3.76% lower, Adani Ports & Special Economic share price settled down 3.18%, ACC share price closed 0.73% higher, Ambuja Cements share price ended down 3.66%, NDTV share price closed 1.92% lower, Adani Power share price was down by 1.93% and Adani Wilmar share price closed 2.70% down, on Thursday, August 31. Also Read: Adani stocks fall up to 4%; m-cap of all 10 stocks drops over ₹35,000 crore in a day According to exchanges data, the total market-capitalisation of all 10 stocks was almost 10.84 lakh crore in the previous session but fell to almost 10.49 lakh crore on August 31, losing about ₹35,000 crore in a single day.

Out of the ₹35,000 crore, Life Insurance Corporation (LIC) lost ₹1,439.8 crore value in six Adani Group companies in just one session. As on June 30, LIC held 9.12% in Adani Ports & Special Economic, 4.26% in Adani Enterprises, over 6% in Adani Total Gas, ACC, and Ambuja Cements, according to trendlyne data.

Table: Losses borne by LIC on Thursday due to fall in Adani stocks This is the second claim against the Adani Group, which comes eight months after Hindenburg Research accused the Indian giant of taking part in a decades-long scam to manipulate stock prices and conduct accounting fraud. In its analysis, Hindenburg cited issues with Adani Group, including inappropriate use of offshore tax havens and high debt levels that caused the group's stock price to plummet.