Adani Group Shares:Selling is being seen in Adani Group shares today also on 26 November 2024. France’s leading energy company Total Energies has said that it will not make any new investments in Adani Group companies until the group’s founder (Gautam Adani) is acquitted of bribery charges. However, GQG Partners, which made a big investment in Adani Group after the Hindenburg report last year, says that the allegations are only against individuals and there is nothing wrong in investing in the group. Let us tell you that Total Energies is one of the largest foreign investors in the companies of industrialist Gautam Adani. At the same time, Adani Group has rejected the allegations made in the American court and called them completely baseless.
Which stock fell by how much today?
Adani Enterprises: 3%
Adani Total Gas : 1.5%
Adani Green Energy: 7%
Adani Energy Solutions: 4%
Adani Wilmar: 4%
Adani Ports and Special Economic Zone : 2%
Adani Power: 2%
ACC Ltd: 1%
Ambuja Cement : 1.5%
New Delhi Television: 1%
What does GQG Partners say?
GQG issued a 5-page statement saying that the allegations are against the employees, not the company. We recognize the difference in charges against individuals versus companies. We believe that the fundamentals of the companies in which we have invested remain strong. Earlier in January 2023, even after the allegations by American short-seller Hindenburg Research, GQG Partners had emerged as a helper for the group in difficult times. GQG said its investment in groups operating in India’s ports to power sectors is $8.1 billion. This is only 5.2 percent of the group’s total assets of about $ 157 billion as of November 21. He said that despite the fluctuations in the shares of Adani Group, we believe that this level of investment can be managed.
Total Energies stops new investment
Meanwhile, France’s leading energy company Total Energies said that it will not make any new investments in Adani Group companies until Gautam Adani is acquitted of bribery charges. Gautam Adani and 2 other executives charged by US authorities for allegedly paying $265 million bribe to Indian officials to secure solar energy supply contract for Adani Green Energy, French company says The case of imposition has been detected. This case neither targets Adani Green Energy nor any company related to it. Until the allegations against Adani Group individuals and their consequences become clear, Total Energies will not make any new financial contributions as part of its investments in Adani companies.
Total Energies holds 19.75 percent stake in Adani Green Energy Limited. This company is the renewable energy unit of Gautam Adani. The company also has 50 percent stake in three joint venture units. The French company holds 37.4 percent stake in Adani Total Gas.
