Public sector insurer LIC has reported a return of 59 per cent on the value of its investments in Adani Group companies in the financial year 2023-24. He has made a strong comeback after the group’s shares were affected by the report of American short seller Hindenburg.
LIC’s total investment in seven Adani Group companies rose to Rs 61,210 crore as on March 31, 2024 from Rs 38,471 crore as on March 31, 2023, according to stock exchange data This was an increase of Rs 22,378 crore. Last year, the insurer had also faced questions over its decision to invest in the group following allegations of manipulation of Adani shares in the Hindenburg report. Facing political pressure, LIC had strategically reduced its investment in two of the group’s flagship companies (Adani Ports and SEZ and Adani Enterprises). LIC’s investment in Adani Enterprises increased from Rs 8, 495.31 crore as on March 31, 2023, to Rs 14, 305.53 crore a year later. Investments in Adani Ports and SEZ rose to Rs 22, 776.89 crore from Rs 12, 450.09 crore.
