Life Insurance Corporation of India (LIC) has made net gains of Rs 27,300 crore from investments in Adani Group shares.

LIC's total investment in Adani shares has been at Rs 28,400 crore. The value of these shares before the crash of last week was Rs 72,200 crore. The crash happened because of a research report by short seller, Hindenburg Research.

Life Insurance Corporation of India
Life Insurance Corporation of IndiaReuters

Still, the value of Adani Group shares held by LIC is at Rs 55,700 crore and LIC's net gain is Rs 27,300 crore.

Adani Group has said in an earlier statement that accounting (or fraud type assertions) "investigation" by Hindenburg are devoid of facts. Of the Adani portfolio's 9 public listed entities, 8 are audited by one of the Big 6.

"On leverage or over leverage issue, 100 of our various companies are rated (these account for nearly 100 per cent of our EBITDA)," Adani Enterprises said in a stock exchange filing.

Adani Group

On revenue or balance sheet being artificially inflated or managed - out 9 listed companies in Adani portfolio, 6 are subject to specific sector regulatory review for revenue, costs and capex, Adani Group said.

"In relation to governance, 4 of our large companies are in top 7 per cent of the peer group in Emerging markets or the sector or the world. On the LAS position, do note that overall promoter leverage is less than 4 per cent of promoter holding, the group said.

It remains to be seen on Monday as the markets open bringing the focus on companies which have invested in Adani group of industries. As LIC and SBI are among the top investors in the Group companies, the pressure on their share price will be crucial to watch. 

(With inputs from IANS)