LIC's Adani portfolio declines by Rs 8,683 crore in one day amid sell-off
Life Insurance Corporation of India (LIC), which has stakes in seven Adani Group stocks, witnessed an erosion of Rs 8,683 crore in the overall holding value in a single session on Thursday after a US court indicted Chairman Gautam Adani and several others in a $250 million bribery case.
LIC holds stakes in Adani Enterprises, Adani Ports and Special Economic Zone (APSEZ), Adani Green Energy, Adani Energy Solutions, Adani Total Gas, ACC and Ambuja Cements.
Group's flagship company Adani Enterprises bore the maximum brunt as the aggregate price correction in 4,64,52,613 equity shares stood at Rs 2,962 crore. The stock plunged by 23% or Rs 637.65 apiece to close at Rs 2182.55 on the BSE.
It was followed by Adani Ports where LIC's investment value dropped by Rs 2,959 crore. The stock declined by Rs 174.35 per share or 13.53% over the Tuesday closing price. LIC held 7.86% stake in the company representing 16,97,11,417 shares as on September 30, 2024 as per the latest shareholding data available on the BSE.
LIC's stake value in Adani Green Energy fell by Rs 570 crore over the Tuesday closing. As for Adani Energy Solutions, Adani Total Gas, ACC and Ambuja Cements, the share price value declined by Rs 716 crore, Rs 463 crore, Rs 191 crore and Rs 822 crore, respectively.
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