During a stock market meltdown, the Hindenburg Research report harmed Adani group stocks even more. Adani group stocks have fallen much lower than key benchmark indices in the last two sessions, resulting in massive losses for retail and institutional investors. The Life Insurance Corporation of India (LIC) is one such domestic institutional investor (DII) with a significant stake in Adani group stocks. LIC has lost Rs. 16,580 crore in the last two days. LIC lost 6,232 crore in one Adani group stock Adani Total Gas, in which it has a 5.96% stake, out of the total loss of 16,580 crore in the last two days.
A 21% drop in Adani Ports shares in the last two trading days of the week resulted in losses of over Rs 3,000 crore for LIC. LIC lost nearly Rs 3,300 crore in Adani Enterprises, the group’s flagship company, due to a 20% drop in share price on Wednesday and Friday. Aside from these two firms, the country’s largest life insurer has significant stakes in Adani Total Gas, ACC, and Ambuja Cements.
The auditors of #Adani group were as young as 23 , 24 when they started signing the audit reports as per #HindenburgReport . pic.twitter.com/Qa5EUNB8pk
— Gauri Chadha (@gauri_chadha) January 27, 2023
Here are the full details about the LIC’s holdings in Adani Group stocks and the damage they suffered after the Hindenburg Research report became public:
1] Adani Enterprises: LIC owns 4,81,74,654 shares in this flagship Adani group company, accounting for 4.23 percent of the company’s total paid-up capital. Adani Enterprises share price has dropped from 3,442 to 2,768.50 apiece on NSE in the last two days, meaning Adani Enterprises shares have lost 673.5 apiece. According to Adani Enterprises Ltd shareholding data for the October to December 2022 quarter, LIC owns 4,81,74,654 Adani Enterprises shares. This means that LIC has lost around 3,245 crore (673.50 x 4,81,74,654) as a result of Adani Enterprises’ share price drop in the last two days.
Also Read: Stock Fraud! Adani Group Largest Con In Corporate History, Says Hindenburg report
2] Adani Ports: According to the company’s shareholding pattern for Q3FY23, LIC owns 19,75,26,194 company shares, or 9.14 percent of the company. Adani Port’s share price has fallen from 761.20 to 604.50 in the last two days, losing 156.70 per share in two sessions. Because LIC owns 19,75,26,194 Adani Port shares, the net loss to LIC over the two days is 3,095 crore (156.70 x 19,75,26,194).
3] Adani Transmission: According to Adani Transmission’s shareholding data for the October to December 2022 quarter, LIC owns 4,06,76,207 shares, or 3.65% of the company. Adani Transmission’s share price has fallen from 2,762.15 to 2,014.20 in the last two days, a loss of $747.95 per share. Because LIC owns 4,06,76,207 Adani Transmission shares, the net loss of LIC in the last two days of Adani Transmission share slump is approximately 3,042 crore (747.95 x 4,06,76,207).
