 "Carnage in Adani group stocks shaves off Rs 24,000 cr from LIC, MF wealth")
The mayhem in Adani Groups’ shares in the last two trading sessions has eroded nearly Rs 24,000 crore of value for state-owned Life Insurance Corporation (LIC) and mutual funds (MFs).
This is an indirect hit for small investors channeling their investments through LIC and MFs.
Overall, the Adani group stocks have seen an erosion of Rs 4.18 trillion (around $50 billion) of market value .
LIC is the biggest domestic institutional investor in the Adani group. It has more than 5 per cent stake in four listed Adani group stocks. By comparison, MF exposure to the group is quite muted.
As of September 2022, MFs holding in Adani Enterprises was just 1.27 per cent, and that too through their index funds and ETFs. As of December 2022, none of the active schemes of top 25 fund houses had any significant holding in Adani Enterprises.
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