LIC’s investment in Adani Group stocks in a loss

24 Feb 2023 , 12:59 PM

Due to heavy sell-off in Adani Group stocks, state-run insurance giant Life Insurance Corporation of India’s (LIC) investment in the group companies have turned negative. As of February 22, LIC’s investment value in Adani Group companies stood at Rs 33,632 crore, as per the December shareholding pattern available on the exchanges.

LIC had disclosed on January 27 that the value of its investments in the Adani Group stood at Rs 56,142 crore. 

CNBC reports that as per its calculations, “the value of LIC Holding in Adani companies have eroded by another Rs 500 crore.” The network claimed that until Wednesday, LIC was sitting on a profit of Rs 94 crore on its Adani investments – but by noon on Thursday, that has been wiped out by the loss of Rs 500 crore on its shares it suffered, making it a net loss for the public sector company.

The loss is calculated on the basis of the latest shareholding data available for the quarter that ended on December 31, 2022.

On an year-to-date (YTD) basis, shares of Adani Total Gas have plummeted the most, by 78.50% till Thursday. It has been followed by Adani Green Energy (down 73.50%), Adani Transmission (down 71.10%), Adani Enterprises (down 64.10%), Adani Power (down 48.40 %) and New Delhi Television (down 41.80 %).