State-owned Life Insurance Corporation (LIC) has recouped losses on its investment in Adani Group stocks after shares of the apple-to-airport conglomerate rose for the third consecutive session.

LIC holds shares in seven out of the 10 listed companies of the Adani Group. The shareholding ranges from 1.28 per cent in Adani Green Energy Ltd to 9.14 per cent in Adani Ports & SEZ Ltd, according to information available on stock exchanges.

The rout in the Adani Group shares that followed US short seller Hindenburg Research releasing a damning report on January 24 led to LIC’s investments turning negative a week back.

Against a purchase price of Rs 30,127 crore, the value of shares LIC held in the Adani Group dropped to Rs 29,893.13 crore on February 24.

But the rally in the Adani Group stocks after investors poured in money has reversed the situation.

The value of LIC’s shareholding in the Adani Group stocks has risen by about Rs 9,000 crore since and at Friday’s closing price, it stands at Rs 39,068.34 crore, according to information available on the stock exchanges.

The fall in Adani Group stocks had led to some questioning LIC’s investment decision.

In a statement on January 30, LIC said its total holding under equity and debt was Rs 35,917.31 crore as on December 31, 2022 under the Adani Group of companies.”

The market value for the investment at the closing of market hours on January 27, 2023 was Rs 56,142 crore, in excess of its investments over time, making the investments profitable.