Shares of Life Insurance Corporation of India (LIC) hit a record low of Rs 568.25 in intraday trade on Monday, down 3% in heavy volume. Shares of the state-owned life insurer have fallen below its budget day, February 1, 2023, low of Rs 582.45 and are quoting lower for the seventh straight session.

Shares of LIC have lost 14% over the past month, while those in the S&P BSE Sensex have lost 0.19%. A total of 8.41 lakh shares changed hands on the counters of NSE and BSE.

LIC made its debut on the stock market on May 17, 2022. The stock is trading at a 40% discount to its issue price of Rs 949 apiece.

According to a report, LIC has lost over Rs 20,000 crore in value of its Adani Group investments since January 30. The biggest drops in value were for Adani Total Gas and Adani Enterprises. Of all Adani Group stocks, LIC has the largest holdings in Adani Ports, followed by Adani Enterprises and Adani Total Gas. Since January 24, the market value of Adani Group has fallen by as much as 82%.

The company said in an exchange filing that the total holding of LIC under equity and debt as on December 31, 2022, was Rs 35,917.31 crore. “The total Assets Under Management (AUM) of LIC as on September 30, 2022, is over Rs 41.66 trillion. Hence, LIC’s exposure to Adani Group is 0.975% of the total AUM of LIC at book value,” the company said.

LIC follows robust procedures to value its liabilities and determine solvency margins to ensure its continued financial soundness. The insurer said LIC’s available solvency margin ratio was well above its target solvency level of 160% as of September 2022.

Shares of LIC have fallen more than 24% so far this year from a high of Rs 746 hit on January 4, 2023. Additionally, the stock has traded below key moving averages since early February, down nearly 14% this month.