LIC says will seek explanation from Adani on stock crisis
State-run insurer Life Insurance Corporation of India (LIC) Thursday said it will reach out to the Adani Group for an explanation on the recent decline in share prices of its companies and its plan to deal with the crisis.
The stocks of the various companies of the port-to-energy conglomerate have seen a massive sell-off after the US-based short-seller Hindenburg Research accused it of “brazen stock manipulation and accounting fraud”. The Adani group has denied the allegations.
“We will be calling them (the Adani Group management) some time just to know their business profile, what they are planning to do and how are they managing the whole thing around what has happened.
