The value of Life Insurance Corporation’s investment in the Adani group companies went up to Rs 44,664 crore, marking a 54 per cent rise from the recent lows of Rs 28,988 crore.
According to data sourced from stock exchanges, a sharp turnaround has been witnessed in the stocks of flagship Adani Enterprises (AEL) and Adani Ports and SEZ (APSEZ). The value of the investment by LIC, which holds 4.3 per cent of Adani Enterprises, has increased to Rs 12,000 crore. Following the controversy triggered by the Hindenburg Research report, AEL shares hit their lowest on February 27 and have since made a sharp comeback, especially after GQG Partners bet $2 billion on Adani group stocks on March 2.
