LIC Chairman states that they will have a meeting with the top brass of the Adani group

Chairman of LIC, MR Kumar, stated on Thursday that the officials of this Public Sector Insurance Company would soon be meeting up with the top brass of the Adani group and try to reach some clarification pertaining to this crisis that is being faced by this Conglomerate.

The investment that was made by Life Insurance Corporation in to Adani group stocks has been subjected to massive criticism by the opposition parties as well as other investors after the United States-based short-seller by the name of Hindenburg Research compiled a report against this Conglomerate headed by Gautam Adani Stating that the company is guilty of manipulating share prices, running of social companies, and being privy to overall internal corruption.

The chairman of the LIC group stated that even though their investment team had already sought clarifications from the Adanis, the top management hasn’t been able to establish contact with them due to the busy time they are facing preparing the result. LIC is soon to call the top brass at the Conglomerate and demand an explanation. According to them, everybody wishes to understand exactly what is happening in the market and within the group itself. Closing the statement, MR Kumar said that they would be paying the Conglomerate a visit soon enough to know and understand exactly how they are managing this entire crisis. What the chairman of the LIC group did not mention was a timeline of the meeting that is to be conducted between the LIC officials and the Adani group officials.

Ever since the ill-fated report by Hindenburg Research was published on the 24th of January, just 3 days prior to the launch of Adani groups flagship Adani Enterprises’ rupees 20,000 crore follow-on public offer, the valuation of the company stocks have dropped by well over 100 billion United States dollars or roughly 60% of their actual value from the 24th of January onwards.