Life Insurance Corp.'s investment in the Adani Group has more than doubled 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 56,629 crore as of Dec. 5, recovering by Rs 30,300 crore from the lowest they fell to after the short-seller's allegations.
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Shares of Adani Group stocks rallied, surging up to 20%, after a U.S. agency concluded that Hindenburg Research accusations against the Gautam Adani-led group were not relevant, Bloomberg reported on Tuesday.
The recovery is also aided by the Adani Group's debt repayment, GQG Partners' investment, the U.S. government's clean chit, the Supreme Court upholding confidence in SEBI and the Rs 7 lakh crore capex plan.
LIC holds stakes in seven group companies, including 9.1% in Adani Ports and Special Economic Zone Ltd. and 4.2% in Adani Enterprises Ltd. The Adani Group has seen its market capitalisation rise to over Rs 13 lakh crore, driven by an upsurge since the start of November.
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