LIC management is expected to schedule a call with the management of Adani Group to understand the company's strategy in wake of the recent losses as per a CNBC-TV report. In 10 days Gautam Adani owned energy-to-ports empire has come crashing, the billionaire who rose to being 2nd richest citizen in the world has lost 108 billion dollars in a stock market rout and slipped to 21st position on the Bloomberg Billionaires Index.
Days after Hindenburg came out with a damning report against the company Adani group stocks have seen a free fall with no bottom in sight. Adani has been left battling the worst crisis of his corporate life — and is raising bigger, darker questions about India’s credibility as a global growth engine and a destination for international investors. Adani Group stocks extended their decline after calling off its ₹20,000 crore and even his rebuttal failed to reassure investors. Now with global scrutiny and ban analysts expect the company to extend its losses further and witness a decline in its value.