‘LIC has lost 3,200 crores so far…’, Mahua Moitra’s taunt on the fall in Adani’s shares


Trinamool MP Mahua Moitra has pressed Finance Minister Nirmala Sitharaman to reply to the state-run Life Insurance Company’s publicity to the crisis-hit Adani Group. He tweeted on Friday morning, “LIC India loses ₹3,200 cr in Adani shares so far, Nirmala Sitharaman… What pressure to support Adani at the expense of the Indian public? We need answers.”

₹3200 cr loss in Adani shares for @LICIndiaForever to [email protected] #IRDAI what strain is there to assist Adani at the price of Indian public?
We want solutions. pic.twitter.com/wU3Ge9XC9s

— Mahua Moitra (@MahuaMoitra) February 24, 2023 The screenshot confirmed a information report

Additionally shared was a screenshot exhibiting a information report stating that ‘the market worth of state-owned Life Insurance Company’s (LIC) shareholding in Adani Group’s prime 5 corporations fell beneath its buy value for the primary time’ Is’. The 5 corporations in query have been recognized within the report as Adani Enterprise, Whole Adani Gas, Adani Green Vitality, Adani Transmission and Adani Ports.

Controversy began from the report of Hindenburg Research

Gautam Adani’s group has come beneath extreme scrutiny after a report by USA-based short-seller Hindenburg Research alleged ‘brazen inventory manipulation and accounting fraud’. That report precipitated an enormous political storm in India and the Adani group has misplaced billions. The mixed fairness market worth of 10 of its corporations fell beneath $100 billion this week, and Adani slid sharply down the listing of the world’s richest males – from quantity 2 to quantity 29.

Adani Group denies any wrongdoing

The Adani Group has denied any wrongdoing and has employed authorized and communications corporations to reassure fearful buyers and markets, in addition to repay a few of its large loans. The Adani controversy has been the main target of opposition assaults on the ruling Bharatiya Janata Party previously few weeks, with Congress MPs Rahul Gandhi and Mahua Moitra outstanding. Components of Rahul Gandhi’s Parliament speech had been eliminated after he claimed hyperlinks between the BJP in energy on the Heart and Adani, who’s from Prime Minister Narendra Modi’s dwelling state of Gujarat.

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