India's largest institutional investor has lost Rs 23,735 crore or 30 percent of its investment value in the Adani group in the last three trading days, following Hindenburg's report.

Hindenburg has alleged market manipulation, accounting fraud and use of offshore shell companies for money laundering in Adani group companies. The conglomerate has however denied these allegations and is considering taking legal action against the short-seller.

LIC has seen maximum erosion in companies like Adani Total, Adani Transmission and Adani Ports.

Also Read: Adani Group hits back at Hindenburg Research report; says it's 'nothing but a lie'

The total purchase value of LIC's holding in Adani group companies is Rs 30,000 crore, which means that mark to market gain stands at about Rs 27,000 crore.

LIC also told CNBC-TV18 that they have exposure of Rs 6,000 crore to Adani bonds but against that they have assets as securities worth Rs 7,500 crore.

The company also clarified that credit rating of all the Adani debt securities held by LIC are AA and above.

Also Read: Adani Group CFO says no change to FPO pricing, will proceed as per schedule — click for full interview

LIC says evaluating situation for further investment related decisions in Adani group

Life Insurance Corporation of India (LIC), which is a major investor in the Adani group told CNBC-TV18 that it is evaluating the situation for any further investment related decisions.