Adani Green stock drops as Total suspends investment due to US probe
Adani Green, a prominent player in the renewable energy sector, saw its shares take a dip of up to 11% in Mumbai trading. The reason? Well, it seems that Gautam Adani, the founder of the Adani Group, has been indicted in the US on allegations of bribery.
This development has led TotalEnergies SE, a major player in the energy sector, to put a pause on any new investments in the Adani Group until the dust settles on these bribery accusations. This decision not only raises concerns about the Adani Group’s financial prospects but also throws a wrench in TotalEnergies’ growth plans in India. Over the past few years, the French company has worked closely with various Adani entities in renewable energy and natural gas ventures.
It’s worth noting that this isn’t the first time the Adani Group has come under scrutiny. Nearly two years ago, a report by short seller Hindenburg Research alleged that the group had been involved in fraudulent activities and market manipulation for decades. Now, with federal prosecutors getting involved in the matter, the situation has escalated even further.
These developments highlight the importance of transparency and accountability in the business world. Investors and stakeholders are closely watching how the situation unfolds and what it means for the future of both the Adani Group and its business partners. Stay tuned for more updates as the story continues to evolve.
