MUMBAI: Shares of Life Insurance Corporation (LIC) fell more than 1% in Fridays reasonably weak market over issues about the insurance companys exposure to the Adani Group.

At close, the LIC stock was at Rs 585, simply a little bit above its all-time low level of Rs 582.

Shares of the Adani Group continued their relentless decrease, dragging down the valuation of the corporations investment in the group.

Although Adani Group experts insisted that LIC had actually scheduled some earnings in January this year when the stock rates were near their 52-week highs, the insurance major is yet to come out with any statement about the revenue or loss status in its Adani portfolio.

According to the last disclosures made to the BSE (see graphic), LICs greatest financial investment remained in Adani Ports - & SEZ, in which it had a 9.1% stake.

It also held in between 1.25% and 6.5% stakes in 6 other Adani Group business.

In the last one month, LICs stock has actually lost nearly 17% of its value.Fridays session saw seven of the 10 Adani Groups stocks closing in the red.

Of these 7, four stocks-- Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Power-- closed at their 5% lower circuit level.

Group flagship Adani Enterprises likewise closed 5% lower, however breaker do not use to this stock since its among those on which derivatives trading is permitted.

To name a few laggards, Adani Wilmar closed 3.3% lower while NDTV was down 4.1%.

Of the staying stocks, Ambuja Cements closed 2.4% greater while Adani Ports - & SEZ was up 1.2%, and ACC closed unchanged.Earlier this month, replying to a parliament question, the federal government had actually disclosed that LICs purchase worth of equity in Adani Group companies was Rs 30,127 crore.

It was likewise discussed that the marketplace value of this portfolio at the close of market hours of January 27 was Rs 56,142 crore.

The stock costs of Adani Group business have actually been on a southward journey for a month given that US short-seller Hindenburg Research released a damning report against the Adani Group, accusing it of accounting scams, stock price adjustment and corporate malfeasance.

Still, the bleeding has actually not yet picked up practically all of the Adani Groups 10 listed stocks.In its report, Hindenburg had said that if one went purely by the accepted assessment metrics and comparative appraisals of its peers, seven of the groups stocks (that have Adani in their name) need to fix by a minimum of 85%.

Compared to industry peers, we see 85%+ drawback (for Adani Group stocks) purely on basics, the report had said.After Fridays 5% circuit-breaking close, Adani Total Gas has actually now lost nearly 81% of its worth.

And if one considers its fall from its 52-week high level, recorded in April 2022, the stock is down by 84%.

Two more stocks likewise are nearing Hindenburgs 85% downside mark-- Adani Green Energy has actually lost almost 75% in the last one month while Adani Transmission is down 74%.

The slide in the groups stock rates has actually eliminated Rs 12 lakh crore, or nearly $146 billion, worth of its market price in the last one month.

Compared to a combined market capitalisation of Rs 19.2 lakh crore on January 24, on Friday it was down to Rs 7.2 lakh crore.IndusInd chairman gives up Adani co boardSunil Mehta, chairman of IndusInd Bank, has stepped down from the board of Adani Green Energy as the personal lender has actually approved credit centers to the business.

The RBI had cleared the visit of Mehta on January 31 and shareholders will quickly vote to validate the consultation.

RBIs guidelines do not allow bank directors to be on the board of companies their bank lends to.

Mehta, in a letter to Adani Green Energy, said that the credit facilities were approved before his appointment on the board of the bank.

In view of the suitable statutory/regulatory limitations, the bank has requested me to relinquish my directorship in AGEL at the earliest as it will otherwise constrain the bank from renewing/ rolling over credit facilities till the continuation of my directorship in AGEL, stated Mehta in his letter.IndusInd Bank said that the board of directors in their meeting on Thursday decided to hold a postal ballot on an unique resolution to designate Mehta as chairman for three years as much as January 30, 2026.

Mehta, who is the chairman and MD of SPM Capital Advisors, a store business advisory and consulting company, was previously the chairman of Yes Bank in the government-appointed board.

An insurance industry veteran, Mehta was the non-executive chairman of Punjab National Bank from March 2017 to February 2020.