Adani Green Energy shares dip after TotalEnergies declares investment halt
Until the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new investment, it said
Shares of Adani Green Energy dropped 11 per cent on Monday (November 25) after the French company TotalEnergies said it would not make any new investments in the Adani Group of companies until the US prosecutors' accusations against it were clarified.
In a press statement on Monday, TotalEnergies said it had learnt, through public announcements by the US authorities, of the indictment of certain Adani Group executives regarding an alleged corruption scheme linked to Adani Green Energy Limited's (AGEL) business.
This indictment does not target AGEL itself or any AGEL-related companies. According to the press statement, TotalEnergies rejects corruption in any form.
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"TotalEnergies, which is not targeted or involved in the facts described by such an indictment, will take all relevant actions to protect its interests as a minority (19.75 per cent) shareholder of AGEL and as a joint-venture partner (50 per cent) in project companies with AGEL. Until the accusations against the Adani group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group companies,” the statement said.
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