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India’s largest insurer LIC has indicated that it might review its stake in the embattled Adani Group after meeting with the latter’s management, reported CNBC.
LIC chairman M R Kumar told CNBC in an exclusive interview that the state insurer plans to discuss with the Adani management soon, to get a better picture of the crisis engulfing the conglomerate.
He added the meeting could happen in the coming days. “We propose to speak to them about this … just to try and understand what’s really happening within the organisation, within the Adani group.”
Mr Kumar said that LIC would make a call on whether to review its stake in the Adani Group after the meeting. The life insurance giant’s total exposure to Adani is said to be about 1% of assets under management.
Shares of various Adani Group companies plunged after the US-based short-seller Hindenburg Research alleged last month that the group had committed stock manipulation and accounting fraud. Adani has denied the allegations.
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