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Insurance
25-Feb-23
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Life Insurance Corporation nears all-time low on fears of loss in Adani Group portfolio
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Shares of Life Insurance Corporation (LIC) fell more than 1% in a relatively weak market on Friday on concerns over the insurer's exposure to Adani Group. At the close, the LIC stock was at Rs 585, just above its all-time low level of Rs 582. Shares of Adani Group continued their relentless decline, dragging down the valuation of the corporation's investment in the group.
Although Adani Group insiders insisted that LIC had booked some profit when the share prices touched a 52-week high in January this year, the insurance major is yet to release any statement about the profit or loss status in its Adani portfolio. According to the latest disclosures to BSE, LIC's biggest investment was in Adani Ports & SEZ, with a 9.1% stake. It also held 1.25% to 6.5% stake in six other Adani Group companies. In the past one month, LIC's stock has lost nearly 17% of its value.
Seven of Adani Group's 10 stocks ended in losses in Friday's session. Of these seven, four stocks — Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Power — closed at their 5% lower circuit level. Group flagship Adani Enterprises also closed 5% lower, but circuit breakers do not apply to this stock since it's among those on which derivatives trading is allowed. Among other laggards, Adani Wilmar fell 3.3% while NDTV fell 4.1%. Among the remaining stocks, Ambuja Cements rose 2.4%, Adani Ports & SEZ gained 1.2% and ACC ended unchanged.
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