LIC, GQG, others drive $3.7 bn investment in Adani cos in FY25

Investor confidence in Adani group companies appears to have climbed following a generally favourable verdict from India's Supreme Court on the Hindenburg matter, and the subsequent closure of Hindenburg's operations.

- Anirudh Laskar

During the fiscal year ended 31 March, Life Insurance Corp. of India (LIC), Rajiv Jain's GQG Partners, Indian mutual funds (MFs), and domestic retail investors together injected approximately $3.7 billion or ₹32,571 crore into the group's 10 listed companies, an analysis by Mint of data from BSE showed.

To be sure, in the same fiscal, foreign institutional investors (FIIs) sold shares worth ₹33,945 crore across Adani group firms, except in Adani Energy Solutions, AWL Agri Business and Adani Total Gas.

In January 2023, US-based Hindenburg Research made a host of scathing allegations in a report against Adani group and its dealings while tagging the group for pulling the "biggest con in corporate history".

However, following an apex court-monitored probe by market regulator the Securities and Exchange Board of India (Sebi) last year, the Supreme Court gave a largely favourable verdict for Adani group in January 2024. Subsequently, Hindenburg's announcement of closure of its operations in January 2025 led to the rush by domestic investors to buy shares of Adani group companies, the analysis by Mint suggests.