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Life Insurance Corp of India (LIC), which has an exposure of more than Rs 3 trillion to five Adani group companies, is scheduled to call the conglomerate's top management in a bid to discuss its strategy amid the ongoing market carnage. The state-owned insurance company has not yet sold its holdings in any of the Adani Group's shares.
The life insurance company's investment in Adani Group shares was equal to 8 percent of its property assets under management. Shares of LIC were down 0.83 percent at Rs 594.20 apiece at 11:52 am on Friday.
On January 31, LIC said it would review the Adani Group's response to the Hindenburg Research, saying it had the right to ask questions. On Monday, the insurer revealed that its stake in the conglomerate was $4.5 billion, while the market position (M2M) is $3.3 billion.
M2M is an unrealized loss that an entity must recognize when an investment is sold. So LIC can only realize $1.2 billion by selling its entire portfolio.
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