Adani Green Energy Shares Dropped Over Pause of Investment by TotalEnergies

Adani Green Energy stock saw a significant drop, falling nearly 8% to a 52-week low of ₹893 during Tuesday’s trading session on the BSE. The decline follows the company’s recent clarification regarding its financial commitments with TotalEnergies. As of 11:40 AM, Adani Green Energy shares were trading at ₹908.40 on the BSE, showing a 6.12% decline. The stock had already plunged 9% during the previous trading session.

The sharp fall in Adani Green Energy share price came a day after TotalEnergies, the French energy giant, announced it would not be making any new financial contributions to Adani Group companies for the time being. This decision was made in light of ongoing investigations into Adani Group’s chairman, Gautam Adani, and his nephew Sagar Adani.

Legal Troubles for Adani Group

Gautam Adani is currently facing scrutiny from the US Securities and Exchange Commission (SEC), which has charged him with defrauding American investors and bribing officials. The SEC’s indictment has also mentioned various Indian states, including Odisha, Andhra Pradesh, J&K, Tamil Nadu, and Chhattisgarh.

Adani Group Clarification

In response to the news, Adani Green Energy issued a press release clarifying that no new financial commitments were being discussed with TotalEnergies. The company emphasized that this clarification would not affect its operations or growth plans moving forward.

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