‘Poora kuppa kar diye’: Owaisi targets Modi on LIC’s stake in Adani group

Hyderabad: Referring to an article on the value of investments by the Life Insurance Corporation (LIC) of India, AIMIM chief Asaduddin Owaisi on Thursday targetted the BJP-led centre by saying that Prime Minister Narendra Modi has put common man’s savings at risk by investing LIC’s money in the Adani group of companies.

“Poora kuppa kar diye” as we say in Hyderabad. LIC is putting common man’s savings at risk; all for the sake of one man’s friendship.
@PMOIndia’s motto seems to be “profit before people,” he tweeted.

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Gautam Adani loses nearly 62 pc net worth as stocks keep bleeding

According to the cnbctv.com’s article shared by Owaisi, the value of the LIC’s investments in the Adani group of companies has turned negative

As of closing on February 22, LIC’s investment value in Adani Group companies stood at Rs 33,632 crore, as per the December shareholding pattern available on the exchanges.

On January 27, LIC had disclosed that the value of its investments in the Adani Group stood at Rs 56,142 crore.

For the past few weeks, the Adani Group’s stocks have been making headlines, particularly in light of the significant dip in Gautam Adani’s net worth after the release of the Hindenburg report.

Currently, Adani slipped to the 27th position in the world’s billionaire list as his net worth dipped by nearly 62 percent on the year-to-date (YTD) basis to USD 46.1 billion. It was USD 121 billion on January 1, 2023.

Due to the huge dip, Adani’s net worth reached a near two-year low of USD 44.9 which was on February 22, 2021.