Surjewala questions FM’s silence over LIC, SBI’s ‘Rs 78k Cr loss’ in Adani stock fall

Congress general secretary Randeep Surjewala on Saturday claimed that LIC and SBI have “lost over Rs 78,000 crore” in market capitalisation of their shares due to exposure in Adani Group and asked why the Union finance minister, RBI, SEBI, and probe agencies are silent over the issue.

In a series of tweets, Surjewala questioned why 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.

Surjewala’s claims

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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.

— Randeep Singh Surjewala (@rssurjewala) January 28, 2023

“#LIC is PUBLIC MONEY! 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?” he wrote.

The Rajya Sabha MP claimed that after the report’s publication, SBI shares’ 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 & SBI Life still investing ₹ 225 CR in Adani Group?” Surjewala wrote.

“Why on mute mode?”

The Congress leader 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 wrote.

Also read: Hindenburg report: Congress seeks probe into charges against Adani

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.

(With agency inputs)