LIC sold shares worth Rs 3,816 crore of 3 Adani Group companies

18 Jan 2024 , 01:47 PM

The state-owned Life Insurance Corporation of India (LIC), one of the Adani Group’s top institutional investors, took advantage of the conglomerate’s recent stock price gains to record profits. The December quarter ownership pattern reveals that LIC reduced its interests in Adani Energy Solutions, Adani Enterprises, and Adani Ports.

LIC sold 3,72,78466 shares of the three Adani businesses during the quarter while purchasing 4,500 shares of Ambuja Cements.

Following the Hindenburg issue, which erupted in January-end 2023, the PSU company’s shareholding in Adani Group enterprises became the focus of a political slugfest between the government BJP, and Congress.

While denying that investments in Adani Group were made under political pressure, LIC stated that the market value of all its Adani Group stock investments was Rs 56,142 crore as of January 27th, 2023.

LIC’s stake in Adani Group increased to Rs 58,374 crore by the end of the December 2023 quarter, up from Rs 45,025 crore at the end of September 2023.

The December quarter saw LIC reduce its holding in Adani Energy Solutions from 3.68% in the September Quarter to 3% in Q3. During the quarter, the stock increased 42%.

Adani Enterprises, the main company of the diverse apples-to-airport conglomerate, saw LIC shareholding fall from 4.23% to 3.93% quarter on quarter. In the third quarter, the Nifty stock rose by about 29%.

At around 1.45 PM, LIC was trading 0.12% lower at Rs 886.40, against the previous close of Rs 887.50 on NSE.

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