The value of Life Insurance Corp.'s investment in the Adani Group has rebounded by more than half since the post-Hindenburg lows as the conglomerate's stocks rallied.
The combined value of the insurer's holdings in Adani stocks stood at Rs 44,750 crore as on May 24, recovering by Rs 18,400 crore from the lowest they fell to after the short seller's allegations.
That's in line with more than 50% surge in the group's shares from their lowest levels after Hindenburg Research alleged stock manipulation. The group has rejected the allegations, calling them "malicious" and aimed at the follow-on public offer of Adani Enterprises Ltd.
The recovery is driven by the Adani Group's debt repayment, GQG Partners' investment and the Supreme Court panel's report not finding any regulatory failure in the Adani-Hindenburg case. Most group stocks, however, fell on Wednesday, after a three-day surge on profit booking.
LIC holds stakes in seven group companies, including 9.12% in Adani Ports and Special Economic Zone Ltd. and 4.26% stake in Adani Enterprises Ltd.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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