Life Insurance Corporation (LIC) Chairman MR Kumar said on Thursday that the insurance company’s public sector officials will meet soon with the top management of the Adani Group and seek clarification regarding the crisis faced by the diversified group.
LIC’s investment in shares of Adani Group companies came under fire from opposition parties as well as investors after US-based Hindenburg Research made a series of allegations against the Gautam Adani-led group, saying its companies manage and manipulate share prices. , Management of shell companies abroad due to lack of corporate governance practices.
“Although our investor team has already requested clarifications from the Adanis family, our senior management can only contact them yet because we have been busy preparing results. We will soon call them to meet us and explain. We want to understand what is happening in the market and the group,” he said. The chairman told reporters at the earnings conference call on Thursday.
“We will contact them sometime soon to see how they manage the whole crisis,” Kumar added.
However, Kumar refused to give a timetable for the meeting between LIC and Adani Group officials.
Since the publication of Hindenberg’s report on January 24, three days before the launch of Adani Enterprises’ flagship follow-up public offering (FPO) of Rs 20,000 crore, the group’s companies have lost more than $100 billion in equity value. Or about 60 percent of its January 24 value.
FPO was fully subscribed but canceled after a day by management.
(Except for the headline, this story was not edited by the Alendronaterx staff and was published from a syndicated feed.)
(Disclaimer: New Delhi TV is a subsidiary of AMG Media Networks Limited, an Adani Group company.)
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