LIC: No plans to cut exposure, but will meet Adani management

Chairman of the country's largest insurer, Life Insurance Corporation, said that LIC officials will soon meet the Adani group management over the crisis that the conglomerate is facing. He also added, that there are no plans currently to reduce LIC's exposure to the Adani group companies.

"Though our investor team has already sought clarifications from the Adanis, we are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group, and how they are managing the whole crisis." LIC chairman told reporters at the earnings conference on Thursday.

In a recent statement, LIC had said that the total purchse value of their equity exposure was over Rs 36,000 crore and the market value as on January 27th, was Rs 56,142 crore rupees.

LIC has been facing criticism over its exposure to the Adani group companies. Since the scathing report by the U.S based short seller, Hindenburg, made a slew of allegations, the Adani group has seen a massive erosion in market cap.