Life Insurance of India (LIC), a Government of India enterprise and one of the biggest investor in Adani Group stocks, has sold shares in Adani Energy Solutions, Adani Enterprises and Adani Ports.
The moves comes as LIC wanted to book profits as it witnessed the recent rise in Adani’s stock prices.
During the quarter ending December 2023, LIC sold 37,278,466 of these 3 Adani Group companies. In the same period, LIC also purchased 4500 shares of Ambuja Cement, according to a ET report.
LIC holdings in Adani Group increased to Rs 58,374 crore at the end of the quarter ending December 2023.
In Adani Energy Solutions, LIC reduced its stake from 3.68 per cent in the September quarter to 3 per cent. The stock saw a 42 per cent increase during this period. LIC’s ownership in Adani Enterprises — the flagship company of Adani Group decreased 4.23 per cent to 3.93 per cent quarter-on-quarter. The stock in Nifty showed a growth of 23 per cent during the same period.
In Adani Ports too, LIC reduced its stake from 9.07 per cent to 7.86 per cent in Q3. The stock rallied to over 46 per cent during the quarter with LIC’s stake valued at over Rs 20,000 crore.
