LIC extends losing streak to 7th straight session, hits record low
Published On: Monday, February 27, 2023 | By: Team KnowMyStock
Shares of Life Insurance Corporation of India (LIC) hit a record low of Rs 568.25, down 3 percent on the BSE in Monday's intra-day trade, amid heavy volumes falling for the seventh day in a row, over concerns about the insurer’s exposure to the Adani Group. At the current level, LIC shares are available at a discount of 40 percent to the upper end of their IPO price range. According to a report, LIC has lost over Rs 20,000 crore of investment value in the Adani Group since January 30. The biggest fall in the value has been in Adani Total Gas and Adani Enterprises. Out of all the Adani Group stocks, LIC holds the maximum in Adani Ports followed by Adani Enterprises and Adani Total Gas. Since January 24, the market value of Adani Group company has fallen by up to 82 percent.
Although Adani Group insiders insisted that LIC had booked some profit in January this year when the stock prices were near their 52-week highs insurance major is yet to come out with any statement about the profit or loss status in its Adani portfolio. As of December 2022, LIC held 9.14 percent in Adani Ports; 5.96 percent in Adani Total Gas; 4.23 percent in Adani Enterprises; 3.65 percent in Adani Transmission; and 1.28 percent in Adani Green Energy."LIC's exposure in the Adani group is 0.975 per cent of LIC's total AUM (Asset under management) at book value," the insurer said.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
