The Life Insurance Corporation of India (LIC) has raised its stake in four Adani group firms during the quarter ended March 31 as it took advantage of the fall in their share prices during the period following the Hindenburg report.

Apart from the insurer, retail investors increased their holding in eight of the 10 listed companies of the conglomerate, stock exchange data showed.

LIC, whose exposure to the Adani group was questioned by the opposition parties, raised its shareholding in Adani Green Energy, Adani Total Gas, Adani Enterprises and Adani Transmission.

Its holding in Adani Green increased to 1.36 per cent in the January-March quarter from 1.28 per cent in the preceding three months, while it stood at 6.02 per cent in Adani Total Gas against 5.96 per cent earlier. In the case of Adani Enterprises, LIC now holds around 4.26 per cent from 4.23 per cent in the October-December 2022 quarter. In Adani Transmission, LIC holds 3.68 per cent from 3.65 per cent earlier.

However, the life insurer cut its holding in Adani Ports & Special Economic Zone to 9.12 per cent from 9.14 per cent earlier, while in the case of Ambuja Cements it dropped to 6.3 per cent from 6.33 per cent and has a debt exposure of Rs 6,182 crore as of March 5, 2023.

The debt exposure in the conglomerate had declined marginally from Rs 6,347 crore as of December 31, 2022.

Last month, finance minister Nirmala Sitharaman had said in a written reply to the Lok Sabha that LIC’s debt exposure to the group stood at Rs 6,182 crore as of March 5, which was slightly lower than Rs 6,347 crore as of December 31, 2022.

The March 5 number included a debt exposure of Rs 5,388.60 crore in Adani Ports, while the exposure in Adani Power (Mundra) was Rs 266 crore, Adani Power Maharashtra Ltd — Phase I (Rs 81.60 crore), Adani Power Maharashtra Ltd - Phase III (Rs 254.87 crore), Raigarh Energy Generation (Rs 45 crore) and Raipur Energen at Rs 145.67 crore.

Retail investors also raised their holdings in Adani stocks. There was a sharp jump in the case of Adani Enterprises where it rose to 3.41 per cent from 1.86 per cent. For Adani Ports, it stood at 4.10 per cent (2.86 per cent), Adani Green Energy at 2.33 per cent (1.06 per cent). There was also a good jump in NDTV where retail investors held 17.54 per cent at the end of the quarter from 14.11 per cent earlier.