LIC's Woes Deepen As Infosys Delivers Another Jolt After Adani

LIC‘s share price started the fresh week in the red as the stock was down around 1% as the markets opened on Monday. The life insurance giant has had a rough start to the year at the bourses as the LIC share price is down over 20% year-to-date. The slump can be partially attributed to the dismal performance of its investments this year.

What Happened: Infosys share price took deep dive into the red on Monday as the company’s Q4FY23 earnings missed markets expectations. Today, as the stock slumped around 12%, LIC which holds a 7.71% stake in the IT company saw a major slump in its investment value.

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LIC, which is India’s largest investor in the public markets held 28.13 crore shares in the company at the end of the December quarter. On Thursday, the value of these shares was around ₹39,073 crore when the stock closed at ₹1,388.60. With the 12% slump today, these shares are worth around ₹34,300 crore. A plunge of around ₹4,773 crore.

LIC’s investments in the crisis hit Adani Group have also been under pressure since the Hindenburg report came out earlier this year. However, the insurance giant has maintained faith in the group, as it increased its stake in four of the group’s stocks including the flagship company Adani Enterprises. It did slightly cut its holding in Adani Ports.

Price Action: LIC share price was down 1.08% to trade at ₹544.90 in the afternoon hours of trading on Monday.

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