New Delhi: Life Insurance Corporation of India, which had invested heavily in five companies of the Adani Group, lost Rs 16,227 crore in two days. This is due to a steep fall in the share price. LIC has invested Rs 72,193 crore in five companies. Due to the 22 percent fall in price, the sale of this stock now fetches only Rs 55,565 crore.
Along with the decline in the price of Adani shares, the share price of major investor LIC also fell by 5.3 percent in two days. Although warnings about the true value of Adani company shares were raised earlier, LIC increased its share investment in each company several times.
Adani shares suffered a major setback after the report of research firm Hindenburg came out. Hindenburg made serious allegations against the Adani Group, including stock manipulation. Allegations of money laundering were also leveled against Adani.