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LIC's residual stake value surges in top groups on stock market boom

Life Insurance Corporation of India (LIC) has made the most of the stock market boom by reducing stakes in all its top conglomerates during the financial year 2023-2024 (FY24). However, even after reducing exposure, the value of its remaining stake has gone up substantially across all groups, according to data collated from stock exchange filings.LIC has the highest exposure in Mukesh Ambani-owned companies, followed by Tata and Adani groups, according to the shareholding data till March this year. As of Friday closing, LIC investments in top conglomerates is worth Rs 4.39 trillion, up 37.5 per cent over last financial year.LIC reduced its stake in RIL group companies to 6.19 per cent from 6.37 per cent. The insurer also cut its stake in Tata group companies to 4.05 per cent as of March this year but saw its value rising to Rs 1.29 trillion. Shareholding data for June quarter is not available as yet. LIC, which is now listed on the stock exchanges, also reduced its stake in Adani group companies to 3.76 per cent from 4.27 per cent. The value of its stake went up to Rs 64,414 crore as on Friday, a surge of 49.2 per cent.