Adani Row: LIC Investment in Adani Group Stocks turn negative

For the first time, the value of LIC's holdings into the Adani group companies has fallen below the price it was purchased.

As per an Indian Express report, the market value of LIC's holdings in Adani group companies (excluding Ambuja and ACC cements) stood at Rs 29, 861 crore as of Thursday, which is close to 11% lower than the purchase value of Rs 30,127 crore.

Earlier, in January, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore while the purchase value was Rs 30,127 crore. LIC had said its exposure in the Adani group was less than 1% of its portfolio.

Adani group companies' market capitalisation was over Rs 19 lakh crore on January 24, just a day before the Hindenburg research report was released. Since then, the group's market cap has been eroded by over 60%.

The Adani group stocks have been battered ever since the Hindenburg report was released nearly a month ago. The report alleged "stock manipulation and accounting fraud", accusations which were strongly denied by the Adani group.