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MUMBAI: LIC chairman M R Kumar said that fluctuations in Adani Group stocks’ prices would not impact the corporation’s bottom line, and that the market value of LIC’s investment in Adani shares is considerably higher than their book value. Kumar added that no provisioning was required in respect of Adani companies as the debt is a ‘standard asset’. LIC makes provisions for diminution in the equity value on a portfolio basis and not for individual stocks, he said.
The insurance giant’s chairman said that the corporation did not have plans to sell its stake in Adani Group companies. “At least two of the group companies, in which we were invested for decades, were later acquired by Adani Group. If some foreign or sovereign funds are exiting, that is how they do their business. We buy and hold for the long term. Why should we be selling ACC & Ambuja now?” said Kumar.
The insurance giant’s chairman said that the corporation did not have plans to sell its stake in Adani Group companies. “At least two of the group companies, in which we were invested for decades, were later acquired by Adani Group. If some foreign or sovereign funds are exiting, that is how they do their business. We buy and hold for the long term. Why should we be selling ACC & Ambuja now?” said Kumar.
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