India State Insurer Doubles Down on Adani Amid Short Seller Row
- State-owned LIC to pour $37 million more in Adani Enterprises
- Fraud claims have sparked a $50 billion rout in Adani stocks
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India’s largest life insurer is plowing more money into Gautam Adani’s flagship unit, undeterred by a short seller’s fraud allegations that wiped out more than $50 billion of the conglomerate’s market value in two sessions.
State-controlled Life Insurance Corp. of India is spending about 3 billion rupees ($37 million) as an anchor investor in a $2.5 billion new share sale by Adani Enterprises Ltd., according to a filing. The investment would add to its current holding of 4.23%.