World’s largest stock investor, Norway Wealth Fund, sold all its stakes in Adani Group companies

The problems plaguing the Adani Group show no signs of improvement. Norway Wealth Fund, which has an estimated worth of $1.35 trillion, said it has sold its remaining shares in Adani group companies in recent weeks. “We have monitored Adani on ESG issues for several years,” said Christopher Wright, head of ESG risk monitoring at the fund. The fund has sold shares of 5 Adani companies since 2014 and at the end of 2022. The fund had investments in three group companies including Adani Ports.”

Christopher said, “Since the end of the year, we have reduced our stake in Adani Group companies. Now we do not have any shares. At the end of the year 2022, this Norwegian wealth fund had shares worth $ 52.7 million in Adani Green Energy. Adani Total Gas had a stake worth $83.6 million. Whereas, Adani Port had a stake worth $63.4 million.

Adani Group is getting continuous setbacks. On Wednesday, Adani Group’s largest foreign investor Total Energies said it has put on hold its partnership in the group’s hydrogen project. It said it was awaiting clarity on Hindenburg’s allegations. In addition, MSCI has announced a review of the number of shares belonging to the Adani Group that are readily available for trade in the public market. Due to this, shares of many companies of Adani declined on Thursday.

Shares of Adani Group have taken a big fall on Thursday. Shares of Adani Enterprises closed down 10.72 per cent. Adani Port’s stock closed down 2.90 per cent. Shares of Adani Power, Adani Transmission and Adani Total hit lower circuit today. Adani Green shares closed down 4.96 per cent. However, Adani Wilmar’s stock has hit upper circuit.