New Delhi: A month ago on January 24, there was a storm in Gautam Adani’s life. This storm is not over yet. India’s largest life insurance company LIC has come under the grip of this storm in Adani Group. LIC’s loss is generally due to disinvestment. Generally, LIC’s assets decrease due to falling in shares. American research firm Hindenburg released a 106-page report on Adani. After that, the shares of Adani Group started falling.
Has invested heavily in Adani’s companies
As per Business today’s reports, LIC has invested heavily in Gautam Adani’s companies. LIC’s investment till 31 December 2022 is Rs 82 thousand 970 crore. It has come down to Rs 33 thousand 242 crores on 23 February 2023. That is, for the first time in 50 days, LIC has suffered a setback of 49 thousand 728 crores. LIC has invested in all the Adani Group companies. These include Adani Enterprises, Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission, Ambuja Cements, and ACC. According to a report, a senior finance ministry official refused to talk about investing in the alliance. But the stock market goes up and down, on Friday the LIC shares reached Rs 585.70 on the Mumbai Stock Exchange.
12 lakh crore loss
An aspect of Hindenburg Research is the loss of 12 lakh crores in the Income Portfolio in just one month. The total market cap of Adani Group’s shares fell 62% in a month to Rs 7.32 lakh crore. 24 January 2023 America’s short-seller firm Hindenburg Rosie released a 106-page report on Gautam Adani. With this gap in income, group companies change the outlook of the world. Due to this report, the personal property of Gautam Adani has also been damaged. Gautam Adani, who was on the list of the top 3 richest billionaires in the world a month ago, has overtaken the list of the top 25 richest people in the world.
