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Norway’s sovereign wealth fund has sold its stakes in three Adani Group companies worth just over $200 million since the start of the year, the world’s largest stock investor said on Thursday.
The $1.35-trillion fund at the end of 2022 held stakes in Adani Total Gas, Adani Ports & Special Economic Zone and Adani Green Energy.
“Since year-end, we have further reduced in Adani companies. We have no exposure left,” Christopher Wright, the fund’s head of ESG risk monitoring, told a news conference.
“We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks,” he said.
The fund had divested from five Adani companies since 2014 and at the end of 2022, it remained invested in three, including Adani Ports.
Adani’s seven main listed stocks have plunged by some $110 billion after a scathing January 24 report by US short seller Hindenburg Research accused the conglomerate of improper use of offshore tax havens and stock manipulation.
The Adani Group has denied any wrongdoing.
Norway’s sovereign wealth fund at the end of 2022 held a stake in Adani Total worth $83.6 million, a stake in Adani Ports worth $63.4 million and a stake in Adani Green Energy of $52.7 million.
The fund, managed by a unit of the central bank, owns 1.3 per cent of all globally listed shares with stakes in some 9,200 companies.
Some of Adani group shares had been rebounding this week but tumbled again today. Adani Enterprises sank 10.72 percent to close at Rs 1,927.30 apiece on BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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