Life Insurance Corporation of India (LIC) holding value in four of Adani group stocks namely Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Transmission Ltd and Adani Ports & Special Economic Zone Ltd declined a combined Rs 38,732 crore notionally in the March quarter, data compiled by PRIME Database suggested.
LIC, however, upped stakes in three of these companies -- Adani Total Gas, Adani Enterprises and Adani Transmission during the quarter, showing faith in the Adani management that denies allegations of 'brazen stock manipulation' and 'accounting fraud' by the US-based short seller Hindenburg Research.
As of Friday, Adani Enterprises shares are up 10 per cent since March 31. Shares of Adani Ports (up 8 per cent) and Adani Total Gas (up 6 per cent) have also risen up to 8 per cent since then; Adani Transmission is flat.
Notional Loss
The data, compiled by PRIME Database, suggested that Adani Total Gas and Adani Enterprises, were two Adani group shares that saw the biggest value erosion for LIC during the quarter.
As per PRIME Database, LIC's holding in Adani Total Gas was valued at Rs 5,743 crore at the end of March quarter from Rs 24,221 crore at the end of December quarter, down Rs 18,477 crore.
LIC's holding in Adani Enterprises plunged by Rs 10,092 crore to Rs 8,495 crore from Rs 18,588 crore s0078equentially. LIC's March quarter ownership in Adani Transmission at Rs 4,080 crore was down Rs 6,453 crore over Rs 10,532 crore at the end of December quarter.
Also, LIC owned Rs 12,450 crore worth Adani Ports against Rs 16,160 crore QoQ, down Rs 3,710 crore.
Faith intact
In pecentage terms, LIC upped stake in Adani Total Gas by 6 basis points to 6.02 per cent (6,62,00,032 shares) against 5.96 per cent (6,55,88,170 shares) at the end of December quarter.
LIC's stake in Adani Enterprises and Adani Transmission rose by 3 basis points each sequentially. The institutional investor held 4.26 per cent stake in Adani Enterprises against 4.23 per cent QoQ. In Adani Transmission, it upped stake to 3.68 per cent from 3.65 per cent. Meanwhile, LIC holding in Adani Ports got trimmed to 9.12 per cent from 9.14 per cent QoQ.
Also read: Adani Transmission, Adani Total Gas shares: Why are these 2 Adani group stocks falling today?