Life Insurance Corporation recoups losses as Adani Group shares rise
State-owned Life Insurance Corporation (LIC) has recouped losses on its investment in Adani Group stocks after shares of the apple-to-airport conglomerate rose for the third consecutive session.
LIC holds shares in seven out of the 10 listed companies of the Adani Group. The shareholding ranges from 1.28 per cent in Adani Green Energy Ltd to 9.14 per cent in Adani Ports & SEZ Ltd, according to information available on stock exchanges.
The rout in the Adani Group shares that followed US short seller Hindenburg Research releasing a damning report on January 24 led to LIC's investments turning negative a week back.
Against a purchase price of Rs 30,127 crore, the value of shares LIC held in the Adani Group dropped to Rs 29,893.13 crore on February 24.
But the rally in the Adani Group stocks after investors poured in money has reversed the situation.
The value of LIC's shareholding in the Adani Group stocks has risen by about Rs 9,000 crore since and at Friday's closing price, it ...