A day after the US-based investment research firm Hindenburg Research made damaging allegations against the Adani Group, the group's stocks took a beating for a second straight session on Friday.

Meanwhile, government-owned financial institution Life Insurance Company of India (LIC) also faced a heavy drubbing amid concerns over their exposure to the Adani group firms.

LIC which is the single largest non-promoter domestic shareholder in five of the biggest Adani Group companies by market capitalisation is one of worst affected institutions.

LIC's combined investment in Adani group stocks plunged to Rs 62,621 crore on January 27, 2023 from Rs 81,268 crore on January 24, 2023, indicating a notional loss of Rs 18,647 crore, added a report.

Meanwhile, the share price of LIC was hit hard too on Friday and fell 3.5 per cent during the day 5.3 per cent over the last two days.

Shares of Adani Total Gas plummeted 20 per cent, Adani Transmission tumbled 19.99 per cent, Adani Green Energy plunged 19.99 per cent and Adani Enterprises tanked 18.52 per cent on the BSE. 

Also, Adani Ports and Special Economic Zone fell 16.03 per cent, Adani Wilmar dipped 5 per cent and Adani Power declined 5 per cent.

In the broader market, the 30-share BSE benchmark tumbled 874.16 points or 1.45 per cent to settle at 59,330.90.

In two days, the Adani group firms have lost a whopping Rs 4,17,824.79 crore from their market valuation.

The market valuation of Adani Total Gas plummeted Rs 1,04,580.93 crore, while that of Adani Transmission eroded by Rs 83,265.95 crore. 

Adani Enterprises market capitalisation (mcap) fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports (Rs 35,048.25 crore).

The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore.