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Norway's sovereign wealth fund sold all stakes in Adani companies

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The world's largest stock investor — Norway's sovereign wealth fund — has dumped its remaining shares in Adani companies worth $200 million

— held stakes in Adani Total Gas, Adani Ports & Special Economic Zone, and Adani Green Energy at the end of 2022. Since the start of 2023, it has sold stakes worth just over $200 million in these companies, said Wright.

"We have monitored the Adani group companies for many years as part of our monitoring processes. Corporate governance has formed part of this monitoring, alongside many other ESG topics," he added. Adani Group companies have come under tremendous pressure ever since US short seller Hindenburg Research released a scathingon January 24 alleging a"brazen stock manipulation and accounting fraud scheme" at the conglomerate.

The Adani Group denied the allegations, but shares of seven of its companies listed in India have taken a beating, losing about $110 billion in market cap, according to the latestBut the Norwegian sovereign wealth fund had started shedding its stake in the Adani Group companies since 2014 — well before the recent selloff.

Wright said the Norwegian sovereign wealth fund has divested from six Adani Group-linked companies, primarily for"reasons linked to handling environmental risks." Shares of most Adani Group companies show mixed swings in early trade on Friday. Shares of the conglomerate's flagship company, Adani Enterprises, were up 1.1% after shedding about half their market value this year so far.

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Norway wealth fund has sold its stakes in Adani companiesNorway'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. Until adani refused to answer the valid questions, These things will continue to happen. First the links to Bitconnect, now this. This time the absurd corruption might destabalize India. Great. That means somebody has bought it! Let more of this happen. No problem. Most of ADANI companies are blue chip and bellwether. Only short term investors likely get hurt a bit. That too will not pain much.
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