LIC funding in Adani Group: TMC MP Mahua Moitra has as soon as focused the Centre over state-run insurance coverage big LIC’s funding within the Hindenburg-hit Adani Group. LIC has, through the years, invested Rs 36,474.78 crore in seven Adani shares. Until final month, its funding was in revenue. However because the shares of Adani Group firms crashed because of a dangerous report by US-based short-seller Hindenburg, LIC’s funding has now turned adverse.

On Friday, Moitra shared a report on LIC’s funding and requested the insurance coverage regulator IRDAI why it was not probing the insurer’s transactions in Adani. “Rs 3200 cr loss in Adani shares for @LICIndiaForever up to now. @nsitharaman #IRDAI what strain is there to help Adani at value of Indian public? We want solutions.”

Additionally learn: Adani group shares: LIC notional loss at Rs 50,000 crore in 50 days; right here’re calculations

Ever because the Hindenburg report got here out, Moitra has been attacking the central authorities and regulators suggesting all of them tweaked guidelines to favour Adani Group chairman Gautam Adani, who is taken into account near Prime Minister Narendra Modi. She has been demanding an investigation by market regulator Sebi to probe Hindenburg’s allegations that Adani indulged in inventory manipulation and fraud. Moitra additionally desires businesses to probe on why the government-owned insurance coverage big was allowed to speculate public cash in Adani.

Additionally learn: ‘Debt totally secured’: S&P affirms Adani Inexperienced’s score at ‘BB+’

Earlier this month, Tuhin Kant Pandey, Secretary, the Division of Funding and Public Asset Administration, mentioned that LIC’s funding in Adani Group firms was throughout the insurance coverage regulator and its danger administration framework. He additionally mentioned that the investments of the insurance coverage big, together with in equities, have been made following the corporate’s ‘danger administration framework’ and that these investments go into the federal government securities, that are managed underneath ‘focus danger portfolio benchmarks’.

Enterprise Immediately on February 23 reported that LIC had witnessed an unlimited notional lack of Rs 49,728 crore on its investments within the Adani Group shares.

The mixed market worth of the insurance coverage main’s investments in seven Adani shares – Adani Enterprises, Adani Inexperienced Vitality, Adani Ports and Particular Financial Zone, Adani Complete Gasoline, Adani Transmission, Ambuja Cements and ACC – plunged to Rs 33,242 crore as on February 23 from Rs 82,970 crore as on December 31, 2022.