LIC to seek answers from Adani Group after reviewing its response to Hindenburg
Investment in Adani accounts for 1 per cent of LIC's assets under management.
The Adani vs Hindenburg saga has hit Indian markets which crashed by as much as 1,500 points on Friday and another 1,000 points to open on Monday, before a rebound towards the end of the day. As all Adani Group firms except for two remain in the red, investors are concerned about the rout, and exposure of banks including the State Bank of India and PSUs such as LIC to the conglomerate is being questioned. This has prompted the Life Insurance Corporation of India to review Adani Group's response to Hindenburg, as it has been a large investor of the company.
Having infused Rs 36,470 crore into the port to power behemoth, LIC has decided to monitor Adani's 413-page response to serious allegations of fraud and market manipulation. The investment accounts for 1 per cent of LIC's assets under management, and the insurer also plans to meet the top management of the Adani Group. Although LIC isn't sure about the factual position, it says that the company has the right to ask relevant questions.
ALSO READ
LIC has said that it will seek clarification from Adani if all concerns aren't addressed in the 413-page response, days after SEBI increased scrutiny of the group. The Rs 20,000 crore FPO was able to help two Adani stocks close in the green, but didn't offset the Rs 1.53 lakh crore loss in market value.
RECENT STORIES
-
Telangana Viral Video: Nizamabad Congress Candidate Jeevan Reddy Slaps Woman After She Says She Will... -
Tamil Nadu HSE Plus Two Result To Be Announced Tomorrow, Know Where To Check Result -
Indian Government Lifts Onion Export Ban Amid Election, Imposes Minimum Export Price Of $550/tonne -
Gurucharan Singh Missing Case: Taarak Mehta Ka Ooltah Chashmah Actors To Be Questioned By Delhi... -
Caught On CCTV: Masked Men Fire Gun Shots At Rival's Residence In Broad Daylight In Gwalior