LIC Increased Its Stake In 4 Adani Stocks In March Quarter, Unfazed By Hindenberg Allegations

Nation's leading insurance company, Life Insurance Corporation of India (LIC) has increased it's holdings in 4 Adani group stocks in March quarter, despite the Hindenberg allegations as per Economic Times report.

When the Hindenberg research alleging "brazen stock manipulation and accounting fraud for decades" was shared about Adani group companies. The stocks plummeted and eroded over 100 billion USD in Adani group's market capitalisation, but LIC remained unfazed,

During that time even Nifty's market value was reduced to less than half, yet LIC increased Adani Enterprise share holdings to 4.26% in March quarter from 4.23% in December quarter. It picked up shares 3,57,500 Adani shares.

Further LIC increased its holding proportions in Adani Transmission, Adani Green, and Adani total Gas to 3.68%, 1.35%, and 6.02% respectively. While it reduced its stake in Adani Ports, Ambuja Cement and ACC Cement to 9.12%, 6.29% and 5.13% respectively for the quarter.