LIC investment value in Adani stocks surges 59% in FY24

New Delhi: LIC, the state-owned insurance behemoth, has seen a 59 per cent rise in value of its investments in Adani Group companies in 2023-24 fiscal year after the conglomerate made a smart recovery since being hammered by a damning short seller report.

The value of LIC’s investment in seven Adani group companies has soared from Rs38,471 crore as on March 31, 2023, to Rs61,210 crore on March 31, 2024, registering an increase of Rs 22,378 crore, according to stock exchange data. Last year, the insurance giant faced intense scrutiny over its decision to invest in the Adani group amidst a political slugfest after allegations of stock manipulation fuelled by Hindenburg report. Adani group denied any wrong doing.