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

— 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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