Adani Green Share Value Drops by 11% Following Total Energies Financial Withdrawal

Shares of Adani Green Energy, a subsidiary of the embattled Adani group of companies dropped by 11% during Monday’s early trading following Total Energies‘ announcement of plans to withdraw its financial contributions to the company following the US indictment of Gautam Adani, the company’s CEO.

Total Energies Announcement

Announcing its decision to withdraw its financial contributions to Adani Energies, French company, Total Energies in a statement said;

“Until the accusations against Adani group individuals and their consequences have been clarified, Total Energies will not make any new financial contribution as part of its investments in the Adani Group of companies.

“Total Energies rejects corruption in any form.” The statement concluded.

Total and Adani Green Energy Involvement

Total is a minority shareholder in Adani Green Energy Limited with a 19.75% stake, the company is also involved in the Khavda solar park, India’s largest solar project.

In September 2024, the company paid the sum of $ 444 million to own a 50% stake worth 1.15 gigawatts in the solar installation at the park.

However, this project is one of the numerous Adani projects that has come under scrutiny for bribery following the indictment of Gautam Adani.

Stock Prices Reeling

Adani Energy’s stock fell by 9% following Total’s announcement. The company’s stock ended Monday morning’s trade by dropping 11.36% to hit a day’s low of Rs 932.90.

Adani Energy Solutions, Adani Power, and ATGL shares also ended up in negative territory.

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