Adani Stocks Tracker: LIC, Mutual Funds, and FIIs Lose Crores After Hindenburg Attack
Ten News Network
Mumbai (Maharashtra), 5th Feb 2023: The recent attack by Hindenburg Research on Adani Group has caused a significant drop in the company’s stock prices, leading to losses for several large investors.
According to financial analysts, Life Insurance Corporation of India (LIC), mutual funds, and foreign institutional investors (FIIs) were among the largest losers due to the drop in Adani stock prices.
Hindenburg Research, a short-selling firm, released a report alleging financial improprieties and misrepresentation of facts by Adani Group. The report caused a significant drop in Adani’s stock prices, leading to losses for several large investors who had invested in the company.
LIC, which is the largest institutional investor in Adani Group, lost approximately Rs. 1500 crore due to the drop in stock prices. According to financial analysts, LIC had invested heavily in Adani Group, and the recent attack by Hindenburg Research has led to significant losses for the insurance giant.
Similarly, mutual funds and FIIs, who had invested in Adani Group, also lost significant amounts due to the drop in stock prices. Financial analysts estimate that mutual funds and FIIs lost approximately Rs. 3000 crore and Rs. 2000 crore, respectively, due to the recent attack.
In response to the attack, Adani Group has issued a statement denying the allegations made by Hindenburg Research and has also launched a counter-attack against the short-selling firm. Adani Group has accused Hindenburg Research of spreading false and misleading information about the company and its financials.
The recent attack on Adani Group and the resulting drop in stock prices have raised concerns among investors and financial analysts. The incident highlights the importance of due diligence and risk assessment when investing in any company.
In conclusion, the recent attack by Hindenburg Research on Adani Group has led to significant losses for several large investors, including LIC, mutual funds, and FIIs. The incident highlights the importance of due diligence and risk assessment when investing in any company and serves as a reminder of the potential risks involved in the stock market.