Adani Group lost $ 48 billion due to Hindenburg report, LIC shares also got crashed

The Hindenburg Research Report accusing the Adani Group of fraud and manipulation came to the fore and Adani Group's shares took a dive for the second day in a row on Friday, January 27. Shares of Adani group companies fell up to 20 percent and the group has a total loss of more than $48 billion.

Shares of Adani Total Gas plunged over 20%, Adani Green Energy and Adani Transmission both down 19.99% and Adani Enterprises fell 18.52% on the Bombay Stock Exchange.

The seven listed companies of the Adani group have lost a total of $48 billion in market capitalization after Hindenburg Research reported on January 24. Allegations have been made in this report about Adani Group's debt levels and extensive use of tax havens.

Adani group is not the only loss: After the report came out, the shares of Adani group have dived but they are not the only ones who have suffered losses. Life Insurance Corporation (LIC) is the largest non-promoter domestic shareholder among the five largest Adani group companies. Now LIC has suffered a loss of Rs 16,627 crore due to the fall in Adani Group's shares. The total value of shares of LIC's holding in the Adani group fell from Rs 72,193 crore on Tuesday to Rs 55,565 crore on Friday - a sharp decline of 22%. Share prices of LIC itself also declined by 5.3 percent till Friday.