Will seek an explanation from Adani Group soon says LIC chairman

The LIC management will soon meet the top management of the crisis-ridden Adani Group and seek clarification on the crisis being faced by the diversified conglomerate, chairman M R Kumar said here on Thursday.

LIC's investment into Adani group firms' stock has come under criticism by the opposition parties as well as investors after US-based short-seller Hindenburg Research made a litany of allegations against the Gautam Adani-led group, saying its companies manage and manipulate share prices, run offshore shell companies for round-tripping and lacking in corporate governance practices.

"Though our investor team has already sought clarifications from the Adanis, our top management could contact them yet as we have been busy preparing the results. 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," the chairman told reporters at the earnings conference on Thursday.

"We'll be calling them in sometime soon to know how are they managing the whole crisis," Kumar added.

Kumar, however, refused to give a timeline of the meeting between LIC and Adani group officials.

(PTI)

Also Watch: LIC issues statement amid concerns over exposure to Adani group