The country’s largest insurer held the highest stake in
and Special Economic Zone at 9.14% as of December. It is also the single largest public shareholder in the company.
An over 21% fall in Adani Ports shares in the last two trading days of the week gone by resulted in over Rs 3,000 crore of losses for LIC.
In
, the flagship company of the group, LIC incurred a loss of close to Rs 3,300 crore due to a 20% fall in the share price on Wednesday and Friday.
In Adani Enterprises, LIC held 4.23% stake at the end of December, but the insurer also subscribed to the anchor book of the company’s mega Rs 20,000 crore follow-on public offer. Assuming no other transactions before subscribing to the anchor book, LIC’s latest shareholding will be 4.3%. Besides these two companies, the country’s largest life insurer holds significant stake in , and .
Adani Total Gas shares have lost 25% last week. LIC owns about 6% stake and this sell-off eroded the market value of its holding by a sharp Rs 6,300 crore.
In ACC, LIC booked losses of Rs 550 crore, and in Ambuja Cements Rs 1,450 crore against its holdings. The life insurer cumulatively held 12.74% stake in the cement majors.
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