After the Hindenburg report came out, the investors of Adani Group’s stocks have suffered huge losses in the last 2 trading sessions. Country’s largest institutional investor Life Insurance Corporation of India (LIC) is also one of those affected investors. LIC’s total investment in Adani Group shares on January 24 was Rs 81,268 crore, which has come down to Rs 62,621 crore on January 27. Accordingly, LIC has suffered a loss of about Rs 18,646 crore.

LIC holds more than 1% stake in Adani Group’s major shares
According to data available with Ace Equity, LIC holds more than 1% stake in Adani Enterprises, Adani Green Energy, Adani Ports, Adani Total Gas, Adani Transmission and recently acquired cement majors Ambuja Cements and ACC as of December 31, 2022. Is.

In the last 2 trading sessions, shares of all Adani companies have seen a decline ranging from 19% to 27%. Adani Group’s shares have declined due to the report of forensic financial research firm Hindenburg Research. On the other hand, LIC has lost about Rs 18,646 crore out of its total investment in the shares of Adani Group in the last 2 trading sessions since January 24.

The market cap of 10 listed companies increased by Rs 4 lakh crore in 1 day. minus
On the other hand, the market cap of 10 listed companies of Adani Group has decreased by Rs 4 lakh crore to Rs 15 lakh crore on 27 January. As on January 24, the market cap of the 10 listed companies of the group was Rs 19 lakh crore. Meanwhile, the benchmark equity index BSE Sensex has also fallen 1,647 points or 2.70% to 59,330.90 in the last 2 trading sessions.

Hindenburg told Adani Group shares 85% overvalued
America’s Hindenburg Research LLC said in its report on Wednesday (January 25) that all major listed companies of Adani Group have high debt. Along with this, Hindenburg also described the shares of all the group companies as overvalued by more than 85%.

Also accused of market manipulation and accounting fraud
Not only this, forensic financial research firm Hindenburg in its report has also accused the Adani Group of market manipulation, accounting fraud and money laundering over several decades. Short seller Hindenburg said it will hold short positions in Adani Group shares through US-traded bonds and non-Indian traded derivative instruments.

Adani Group’s CFO Jugshinder Singh rubbishes the allegations
However, Adani Group’s Chief Financial Officer (CFO) Jugshinder Singh has rubbished Hindenburg’s report. Describing the report as factless, he said that the allegations made are baseless. This report is motivated by malicious intent. Hindenburg Research did not attempt to contact us or verify the metrics. This report is full of misinformation.

Report published to harm FPO
Singh said that the report has been made by mixing baseless and defamatory facts, which have also been rejected by the Supreme Court of India. He said, ‘The timing of publishing this report has been carefully chosen.’

Jugshinder Singh said, ‘This report has been published with the aim of damaging the Follow-on Public Offering (FPO) of Adani Enterprises. This has been done with malicious intent to damage the image of Adani Group. Let us tell you that the FPO worth Rs 20,000 crore of Adani Enterprises was opened for subscription on January 27, 2023.

Gautam Adani’s net worth decreased by 10% in 2 days
Due to the report, Gautam Adani’s net worth has also reduced by about 10% in 2 days. According to Forbes, Adani has suffered a loss of Rs 1.32 lakh crore in net worth. On the other hand, in the list of the rich, Adani has slipped from number four to number seven. His net worth was Rs 9.20 lakh crore on January 25, which has come down to Rs 7.88 lakh crore on Friday.