The Life Insurance Corporation of India (LIC) has reduced its stake in Adani Ports. LIC has offloaded 2 percent shares of Adani Ports in the past month. LIC unloaded these shares through the open market. This information came to light through stock exchange filings submitted on Friday.
How much has LIC offloaded?
According to Bombay Stock Exchange filings, LIC has offloaded 3.89 crore shares of Adani Ports. This represents 2.007 percent of Adani Ports' total shares. LIC sold this number of shares between November 11 and December 10. As a result, LIC now holds a 7.343 percent stake or 15.86 crore shares in Adani Ports. Before this offloading, LIC held 19.75 crore shares of the company.
Also Read | Union cabinet approves 100% FDI in insurance sector
Which other Adani companies has LIC invested in?
LIC holds stakes in 7 Adani Group companies. Now owning a 7.34 percent share in Adani Ports, the insurance giant owns 4.16 percent of Adani Enterprises, 3.42 percent of Adani Energy Solutions, 1.30 percent of Adani Green Energy, 6.02 percent of Adani Total Gas, 9.95 percent of ACC, and 7.31 percent of Ambuja Cement, according to exchange filings. LIC does not own any stock in three Adani Group companies, namely, Adani Power, NDTV, and Sanghi Industries.
Also Read | Indian rupee slips to a fresh record low, marks another all-time decline
How did Adani Ports trade on Friday?
In Friday's trading session, shares of Adani Ports and Special Economic Zone rose 1.13 percent to Rs 1,521. The stock price has increased 0.94 percent in the past month. It has grown 5.2 percent in the past 6 months. In the past one year, Adani Ports' share price has risen 22.27 percent. The stock's price has increased 226.18 percent over the past five years. Even in the second quarter of the current financial year, this Adani Group company recorded a net profit rise of 29 percent.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
