New Delhi: State-run Life Insurance Corporation of India (LIC) hiked its stake in four Adani Group companies in the January-March quarter of the financial year 2022-23.However, it is not known whether the stakes were increased before or after Hindenburg Research released its report, the Economic Times reported. Hindenburg released its report on January 24, 2023.LIC ploughing more money into Gautam Adani’s flagship unit caused a political uproar as it is public money. Therefore, LIC had to come out with a statement, after Hindenburg accused the group of accounting fraud, assuring the investors that their money is safe.According to data on Trendlyne, as on March 2023, LIC has a 4.26% stake in Adani Enterprises.At the end of June 2022, LIC had a 3.85% stake in the company. The stake was much less as on June 2021, at 1.32%.Similarly, data shows that LIC has increased its stake in three more Adani Group companies over the years, and in the March quarter of the last fiscal.As on March 2023, LIC has a 6.02% stake in Adani Total Gas.The state-owned insurer had a 4.65% stake in the company as on December 2021, which increased to 5.54% in June 2022, and 5.96% in December 2022, data showed.As on March 2023, LIC has a 3.68% stake in Adani Transmission.The state-owned insurer had a 2.42% stake in the firm as on December 2020. It increased to 2.78% in December 2021, 3.28% in June 2022, and 3.65% in December 2022.As on March 2023, LIC had a 1.36% stake in Adani Green Energy. As on December 2022, the state-run insurer had a 1.28% stake in the company.Amid a demand for a joint parliamentary committee (JPC) probe into the allegations against Adani Group by Hindenburg research, Congress has issued a statement claiming that the increase in LIC’s stake in the group’s flagship firm “took place at a time when the market value of the Adani Enterprises’ stock had fallen by almost 60%”.Congress chief spokesperson Jairam Ramesh claimed, in the statement, “LIC bought as many as 3.75 lakh shares in Adani Enterprises during the January-March 2023 quarter. Very clearly, LIC is being forced to use its policyholders’ funds to bail out the PM’s favourite business group which is under siege. This makes the constitution of a JPC all the more essential and urgent.”The revelation that LIC’s holding in Adani Enterprises has increased while its stock value has fallen sharply once again strengthens the case for a JPC (Joint Parliamentary Committee) to investigate the PM-linked Adani MegaScam.Here is my statement. pic.twitter.com/uE41OQbaLH— Jairam Ramesh (@Jairam_Ramesh) April 11, 2023Mutual funds have also pared their holdings in Adani Enterprises, data showed.In the June quarter of 2022, mutual funds held 3.85% of the company, which was reduced to 1.19% in the December quarter of 2022 and 0.87% in the March quarter of 2023.However, according to Economic Times, retailers now own 3.41% of the company as compared to 1.86% in the third quarter of the last fiscal.