According to a regulatory filing, the state-owned Life Insurance Corporation of India has appointed Siddhartha Mohanty as the Chairman for three months. Mohanty will take over from MR Kumar, who is set to complete his term on Monday, March 13.
Mohanty will lead the national insurer till a regular appointee is brought in to take charge as the chairperson. His predecessor Kumar will exit LIC after tackling concerns about its exposure to the Adani Group, which lost value after the Hindenburg report.
After conducting meetings with Adani's management, Kumar had expressed confidence in the firm's business potential, before deciding to stay invested in it. Under his leadership since 2019, the LIC also survived the pandemic when it processed a barrage of claims, and bounced back. Kumar also oversaw LIC's stock market debut with India's biggest IPO.
