Oslo: Norway’s sovereign wealth fund has sold its stake in three Adani Group companies worth more than $200 million since the start of the year, the world’s biggest equity investor said on Thursday.
The $1.35 trillion fund at the end of 2022 held stakes in Adani Total Gas (ADAG.NS), Adani Ports & Special Economic Zone (APSE.NS), and Adani Green Energy (ADNA.NS).
“Since year-end, we have further reduced in Adani companies. We have no exposure left,” Christopher Wright, the fund’s head of ESG risk monitoring, told a news conference.
“We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks,” he said.
Adani’s seven major Indian-listed stocks plunged nearly $110 billion after a January 24 report by US short-seller Hindenburg Research accused the group of improper use of offshore tax havens and stock manipulation.
The Adani Group has denied any wrongdoing.
Norway’s sovereign wealth fund held $83.6 million in Adani Total, $63.4 million in Adani Ports, and $52.7 million in Adani Green Energy at the end of 2022.
The fund, managed by a unit of the central bank, owns 1.3% of all stocks listed globally, with holdings in around 9,200 companies.