Adani Green stock falls as Total discontinues investment amidst US probe
Adani Green, a well-known player in the Indian market, saw its shares take a tumble recently, dropping by as much as 11% during trading in Mumbai. This dip comes on the heels of some concerning news regarding the founder of Adani Group, Gautam Adani.
Gautam Adani has been indicted in the US on allegations of bribery, which has raised some red flags for TotalEnergies SE. The company has decided to hold off on any new investments in the Adani Group until the situation surrounding these bribery indictments is cleared up. This cautious approach could impact the funding of Adani Group’s future projects, and also puts a dent in TotalEnergies’ expansion plans in India.
Over the years, TotalEnergies has forged partnerships with Adani entities in the renewable energy and natural gas sectors, making this decision a potentially significant one for both parties. This news comes in the wake of earlier allegations made by short seller Hindenburg Research about fraud and market manipulation within the Adani Group, adding another layer of complexity to the situation.
It will be interesting to see how this story develops and what it means for the future of these two prominent companies in the Indian market. Stay tuned for more updates as the situation unfolds.
