Who forced LIC to take 'risky exposure' to Adani Group, asks Congress

The Congress on Monday attacked the government over the fall in the value of LICs holdings in the Adani Group and asked who forced this pillar of Indias financial system to take such a risky exposure to the conglomerateCongress general secretary Jairam Ramesh raised the issue as part of the opposition partys Hum Adani ke Hain Kaun posers for the prime minister posted daily on TwitterHe claimed that with the continuing selloff in Adani Group stocks the value of LICs holdings in the Group has fallen by a shocking Rs 52000 crore since December 31 2022It is now worth Rs 32000 crore and the entire profit made by the LIC and its crores of policyholders which we now know was due to stock market manipulation and money laundering has been wiped out and caused a major loss for LIC Ramesh allegedWho forced this pillar of Indias financial system to take such a risky exposure to your favourite businessman Ramesh asked Prime Minister Narendra Modi in his statementWhen will you be held accountable for this gambling with the savings of Indias citizens he saidThe Adani Groups stocks had taken a beating on the bourses after USbased short seller Hindenburg Research made a litany of allegations including fraudulent transactions and shareprice manipulation against it The group has dismissed the charges as lies saying it complies with all laws and disclosure requirementsRamesh alleged that even as the leading market index providers MSCI SampP Dow Jones and FTSE Russell review the weighting of Adani Group firms the National Stock Exchange NSE has failed to take any serious action to protect investorsAlso read Congress now considering easttowest yatra from Pasighat to Porbandar says Jairam RameshInstead the NSE announced on February 17 2023 that an additional five Adani Group companies currently crashing in the stock markets would be included in no less than 14 indices he saidThis has caused many financial advisers to advise their clients not to invest in funds that use those indices as benchmarks But lakhs of hapless investors are still at risk of being forced to bail out collapsing Adani companies with their hardearned savings the Congress general secretary saidAre you putting pressure on the NSE to bail out your close friend Ramesh askedWhy is SEBI not being allowed to take action to ensure that lakhs of investors are not duped into investing in a collapsing business group he also askedRamesh also raised questions on the tender to redevelop Mumbais Dharavi area won by the Adani GroupHe urged the PM to break his silence on the issueThe Congress and several Opposition parties have been demanding a joint parliamentary committee probe over the Adani issueThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever