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Life Insurance Corporation's (LIC) outstanding debt exposure in Adani Group of companies declined from Rs 6,347 crore at the end of 2022 to Rs 6,183 crore on March 5, 2023, government data tabled in Parliament showed on Monday.Following is a table providing details of the outstanding exposure of LIC in some of the Adani Group companies:Union finance minister Nirmala Sitharaman was asked about the details of loan/credit exposure of various public sector banks and insurance companies to Adani group of companies as on date and on 31st December 2022.She was also asked whether banks have assessed the risks involved in the recovery of loans/credit exposure to the Adani group of companies which have eroded their net assets and market cap substantially during the past few weeks."The five Public Sector General Insurance companies have informed that these companies do not have loan/credit exposure to Adani Group of Companies," Sitharaman said in a written response."Public Sector Banks have informed that loans are sanctioned after assessing the viability of projects, prospective cash flows, risk factors, and availability of adequate security, and repayment of loans are ensured by the revenue generated by the project and not by the market capitalization of the company."Earlier, there were fears among some quarters that any exposure of LIC and other entities in Adani Group, which was under pressure post the US-based short seller's report, may hurt domestic investors' interest.Over the past month, share prices of companies in the Adani Group have dropped sizably, though with varying degrees. The short seller Hindenburg Research's January 24 report alleged stock manipulation and fraud by the conglomerate.In response, the Adani Group had attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie".The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer.Meanwhile, the Supreme Court set up an expert committee and directed markets regulator SEBI to investigate whether there was any manipulation of Adani stock prices. Supreme Court directed SEBI to conduct an investigation within two months and submit a status report. The committee will consist of six members, headed by former apex court judge Justice AM Sapre.The apex court was hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect investors' interest.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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