Adani stock fall: LIC, SBI 'lost over Rs 78k cr' in market cap, FM still on 'mute mode', says Cong
New Delhi, Jan 28: The Congress Saturday questioned the "silence" of the Union finance minister and probe agencies after LIC and SBI "lost over Rs 78,000 crore" in market capitalisation of their shares due to exposure in Adani Group.
LIC and SBI continue to invest in the Adani group even after the Hindenburg research report alleged share price manipulation and financial misappropriation by the group, Congress general secretary Randeep Surjewala claimed.
"LIC is public money! Post Hindenburg Report, the value of LIC investment in Adani Group shares have fallen from Rs 77,000 Crore to Rs 53,000 crore -- loss of Rs 23,500 crore.
"Also, LIC shares have lost Rs 22,442 Crore. Why is LIC still investing Rs 300 crore in Adani Group," Surjewala asked.
The Congress leader claimed that after the publication of the report, the SBI share's market cap has declined by a whopping Rs 54,618 crore.
Also, the loan exposure of SBI and other banks to Adani Group is Rs 81,200 crore, he claimed.
"The question is, why are SBI Employees Pension Fund and SBI Life still investing Rs 225 crore in Adani Group," Surjewala asked.
The Rajya Sabha MP also claimed that between January 24 and 27, the SBI and LIC lost a market cap of Rs 78,118 crore in value of their shares alone.
"The loan exposure of SBI and Invest Value decline of LIC in Adani Group is in addition thereto. Yet... RBI, SEBI, ED, SFIO, CBI, and the FM remain on 'mute' mode," Surjewala said in a series of tweets.
The Congress leader has earlier said that elsewhere "the prime minister would be asked to explain, the finance minister would be sacked and a full investigation would have been ordered."
The Hindenburg Report has pointed to the alleged manipulation of stock price by the Adani Group and alleged financial irregularities. The Adani Group has denied the allegations and termed it a campaign to defame the company ahead of its follow on a public issue.
1/3#LIC is PUBLIC MONEY!
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
Post #HindenburgReport , Value of #LIC investment in Adani Group shares have fallen from ₹77,000 CR to ₹53,000 CR- loss of ₹23,500 CR.
Also,LIC shares have lost ₹22,442 CR
Why is LIC still investing ₹300 CR in Adani Group?https://t.co/uJDgTa2l0R
2/3
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
After #HindenburgReport , SBI share’s “market cap” has declined by a whopping ₹ 54,618 CR
Also, Loan Exposure of #SBI and other Banks to Adani Group is ₹ 81,200 CR.
QUESTION IS..
Why are SBI Employees Pension Fund & SBI Life still investing ₹ 225 CR in Adani Group?
3/3
— Randeep Singh Surjewala (@rssurjewala) January 28, 2023
Between Jan. 24 and 27 i.e in 3 days, #SBI & #LIC have lost “market cap” of ₹ 78,118 CR in value of their shares alone!
The Loan Exposure of SBI & Invest Value decline of LIC in Adani Group is in addition thereto.
YET..
RBI,
SEBI,
ED,
SFIO,
CBI,
FM remain on “mute” mode.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
