Tuesday, June 25, 2024

BRS questions LIC & SBI’s such large exposure

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The BRS said the Centre has to answer why the LIC and the SBI had exposure to Adani stocks. “There are serious questions that need to be answered by the NPA government on Hindenburg Report.

Why do LIC and SBI have such large exposures Rs 77,000 Crore and Rs 80,000 Crore to Adani group stocks? Who pushed them to do so? Who was aiding and abetting them in this?” Industries Minister KT Rama Rao said. BRS said that it is a classic case of crony capitalism being promoted by the Prime Minister and the Finance Minister to destroy the LIC which is one of the best-performing PSUs and is a great institution that serves the middle class.

MLC Kalvakuntla Kavitha requested Finance Minister Nirmala Sitharaman and SEBI Chief Madhabi Puri Buch Ji to not only initiate recovery measures but also have a conversation with millions of investors and dependent households who have already started facing the brunt.

“The recent fall and fluctuations in the LIC, SBI and market on the whole, after the report on the Adani Group is extremely worrisome. Every Indian deserves an explanation and it is the responsibility of the Indian Government to answer all the questions”.

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