- A large Norwegian sovereign wealth fund has sold all of its stake in the Adani group of companies.
- The Fund began selling stakes in Adani Group companies even before the recent sale began.
- Adani Group companies lost $110 billion in market capitalization amid short-selling attacks.
Huge Norwegian Sovereign Wealth Fund – World’s largest stock investor — Sold all shares in the Adani group of companies.
“In the five weeks since the end of the year, we have further significantly reduced our exposure to Adani companies, so today, for all intents and purposes, there is no exposure left,” said Christopher, the fund’s head of ESG risk oversight. the light is press conference on Thursday.
Funds — managing valuable assets $1.4 trillion — held shares in Adani Total Gas, Adani Ports & Special Economic Zone and Adani Green Energy at the end of 2022. Since the beginning of 2023, he has sold just over $200 million worth of his stake in these companies, Wright said.
“We have been monitoring Adani Group companies for many years as part of our oversight process. Corporate governance forms part of this oversight, along with many other ESG topics,” he added. .
Companies in the Adani Group have been under tremendous pressure since Hindenburg Research, a US short-selling firm, issued a scathing criticism. report On January 24, he claimed “brazen stock manipulation and fraudulent accounting schemes” at the conglomerate.
Adani Group has denied the allegations, but the latest information shows that shares of the company’s seven Indian-listed companies have plummeted, wiping out about $110 billion in market capitalization. Reuters calculation.
However, the Norwegian Sovereign Wealth Fund had started selling shares in the Adani Group since 2014.
Wright said a Norwegian sovereign wealth fund has divested from six companies associated with the Adani Group, mainly for “reasons related to dealing with environmental risks.”
Adani Group did not immediately respond to Insider’s request for comment.
Shares of most Adani Group companies show a mixed swing in early Friday trading. Shares of the conglomerate’s flagship Adani Enterprises are up 1.1% after losing about half of its market capitalization so far this year.