Answer on LIC, SBI's exposure to Adani stocks: BRS leader K T Rama Rao to NDA govt

The ruling BRS in Telangana on Saturday said the NDA government at the Centre needs to answer serious questions on LIC and SBI's large exposure to Adani Group stocks.

Who "pushed" LIC and SBI to such a large exposure, the BRS claimed.

"There are serious questions that need to be answered by the NDA Govt on #HindenburgReport. Why do LIC & SBI have such large exposure ₹77,000 Cr & ₹80,000 Crore to Adani group stocks? Who pushed them to do so? Who was aiding & abetting them in this entire episode?," tweeted State Municipal Administration Minister K T Rama Rao, son of Chief Minister K Chandrasekhar Rao.

BRS MLC K Kavitha, daughter of Chandrasekhar Rao, in a statement, said the Centre should answer all the questions in the wake of the "fall and fluctuations in the LIC and SBI and market on the whole."

Also Read: Adani stock fall: LIC, SBI 'lost over Rs 78k cr' in market cap, FM still on 'mute mode', says Congress

“The recent fall and fluctuations in the LIC, SBI and market on the whole, after the recent report on Adani Group is extremely worrisome. Every Indian deserves an explanation and it is the responsibility of the government of India to answer all the questions," she said in a statement.

"I request Finance Minister Nirmala Sitharaman Ji 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," Kavitha said.

Adani Group stocks took a beating after the US-based investment research firm Hindenburg Research made damaging allegations. Adani Group has since rubbished the report.