Delhi: India’s largest life insurance company LIC (LIC) has invested heavily in Gautam Adani’s companies. LIC has 9 percent stake in five companies of Adani (Gautam Adani). Now LIC has also suffered a lot due to the huge loss suffered by Adani Group. A report by American investment research firm Hindenburg has shaken the Adani Group. The report has made serious allegations against the Adani Group. The group reshuffled the shares and committed alleged irregularities in the audit.

LIC company’s stake is 4.23 percent

Undoubtedly, this report has increased the concern of Adani Group. The Adani Group has denied the allegations made in the report and has initiated the process of legal action. The company’s market value has fallen by Rs 4,08,122 or less than $50 billion in two days due to allegations of fraud on the Adani group. According to a filing, Adani Enterprises Ltd has issued fresh FPOs worth Rs 20,406 crore ($2.5 billion). LIC is investing around Rs 302 crore ($37 million) in it as an investor. After this investment, the stake of LIC company will be 4.23 per cent. After the explosion of this report, Adani Group has got a big blow. The news of Adani Group rocked the stock market on Friday.

LIC made huge profits even in ups and downs

Adani’s panic shook the market. Hindenburg Research has termed Adani Group’s horse racing as the biggest corporate scam in history. Around 33 companies have invested in Adani Group’s FPO. This includes LIC. LIC’s investment is less than other investors. While LIC has assets of about Rs 43 lakh crore. A media report states that LIC always thinks differently. LIC has earned huge profits even in the ups and downs of the market. LIC focuses on long term investments. LIC has more than 250 million policyholders across the country. LIC is the largest financial institution in the country with assets comparable to that of the mutual fund industry in the country. Now the discussion of this investment has spread in the market.