With the rise in Adani Group shares for the third consecutive day, the public sector Life Insurance Corporation of India (LIC) has made up for the losses incurred by its investment in the shares of the group. LIC has invested in seven out of 10 listed companies of Adani Group. According to the information received from the stock markets, LIC has a stake ranging from 1.28 percent in Adani Green Energy Limited to 9.14 percent in Adani Ports and SEZ Limited.

American investment company Hindenburg Research released a report on January 24, after which Adani Group shares suffered a steep fall. Due to this, LIC’s investment in the group turned negative a week back.

The value of LIC’s investment in Adani Group declined to Rs 29,893.13 crore on February 24, while their purchase price was Rs 30,127 crore. However, things changed after the recent rally in Adani Group’s shares. According to stock market data, the value of LIC’s investment is Rs 39,068.34 crore at Friday’s closing price. In this way, LIC is getting a profit of about Rs 9,000 crore.

The fall in Adani Group’s shares raised some questions on LIC’s investment decision.