Ajit Karn
Norway wealth fund has sold its stakes in Adani companies
Oslo: The largest stock investor in the world said on Thursday that the world’s largest stock investor, Norway’s sovereign wealth fund, had sold its holdings in three Adani Group firms for slightly over $200 million since the beginning of the year.
At the end of 2022, the $1.35 trillion fund has holdings in Adani Green Energy, Adani Ports & Special Economic Zone, and Adani Total Gas.
“Since the end of the year, we have made more cuts to Adani enterprises. We have no exposure remaining, “Christopher Wright, the head of ESG risk assessment for the fund, commented on the matter during a news conference.
“We have evaluated Adani for many years on ESG concerns, many on their handling of environmental hazards,” he added. “We have found them to be quite responsible in this regard.”
Following the publication of a scathing study on January 24 by U.S. short seller Hindenburg Research, which accused the company of inappropriate use of offshore tax havens and market manipulation, Adani’s seven primary Indian-listed equities experienced a decline of around $110 billion.
The Adani Group has said that they have done nothing illegal.
At the end of 2022, Norway’s sovereign wealth fund owned a stake in Adani Total valued at $83.6 million, a stake in Adani Ports valued at $63.4 million, and a stake in Adani Green Energy valued at $52.7 million.
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The fund has a stake in around 9,200 different firms and holds 1.3% of all shares that are listed on a worldwide exchange. It is handled by a division of the central bank.
