Brief by Shorts91 Newsdesk / 11:25am on 21 Nov 2024,Thursday Business
The Life Insurance Corporation of India (LIC) lost $920 million (₹7,850 crore) across its Adani Group holdings within 4 hours of trading on November 21, 2024. This sharp decline, triggered by the U.S. indictment of Gautam Adani and associates, slashed LIC's Adani portfolio value to ₹47,847 crore, down from ₹55,694 crore on November 19. Over two months, LIC has faced over ₹15,637 crore losses in its Adani investments. The indictment alleges bribery to secure solar energy contracts, compounding concerns raised by Hindenburg Research in 2023 over accounting irregularities and stock manipulation.
