As major shareholders in Adani Group LIC and SBI have an impact

Adani Group is a major constituent of several stock market indices

If Adani's share price falls frequently, it could have an impact on the investments made by Life Insurance Corporation of India (LIC) and State Bank of India (SBI) in Adani Group companies.

As major shareholders in Adani Group, a decline in the share prices could result in a decrease in the valuation of their investment portfolios, which could affect their financial performance. As of my knowledge cutoff in 2022, the exact holding of State Bank of India (SBI) and Life Insurance Corporation of India (LIC) in the Adani Group was not publicly disclosed. 

However, some news reports suggest that SBI and LIC are among the major shareholders in various Adani Group companies. If the decline in Adani's share price is significant, it could also impact market sentiments towards the broader Indian stock market, as Adani Group is a major constituent of several stock market indices in India. This could lead to volatility in the Indian stock market and could potentially impact the overall performance of financial institutions such as LIC and SBI, who have significant exposure to the Indian equities market.It is worth noting that LIC and SBI are well-diversified institutions with a large portfolio of investments in various companies and sectors. So while a decline in Adani's share price could have an impact on their financial performance, it may not necessarily have a significant impact on their overall operations or long-term sustainability.

It is worth noting that LIC and SBI are well-diversified institutions with a large portfolio of investments in various companies and sectors. So while a decline in Adani's share price could have an impact on their financial performance, it may not necessarily have a significant impact on their overall operations or long-term sustainability.