While mutual funds reduced their stakes in Adani group companies, the country’s largest investor in the public market – Life Insurance Corporation of India (LIC) – increased its stake in four group stocks amid a sell-off crisis in the March quarter. A damning report by US-based short seller Hindenburg Research.
In the March quarter the insurer increased its stake in four of the six companies – Adani Green Energy, Adani Enterprises, Adani Total Gas and Adani Transmission, while it reduced its stake in two others – Ambuja Cements and Adani Ports and Special Economic Zone.
Shareholding in ACC remained the same, rising to 1,20,33,771 shares, or 6.41 per cent, at the end of the March quarter.
