Adani Green Stands Firm Amid TotalEnergies Investment Halt

Adani Green Energy addressed concerns after TotalEnergies paused new investments following bribery charges against Adani Group's chairman. The company claims no financial impact from the halt. Adani Green shares dropped significantly, losing over $9.5 billion in market value since the allegations surfaced.

Adani Green Energy denied the existence of new financial commitments with TotalEnergies on Tuesday, following the French oil company's decision to pause investments amid U.S. bribery allegations against the Adani Group.

This decision marks the first significant repercussion after charges were brought against Adani's chairman, Gautam Adani, and others by U.S. authorities. The Adani Group refutes the claims, deeming them baseless, and is considering legal action.

Despite the statement from TotalEnergies potentially affecting investor confidence, Adani Green Energy maintains that its operational plans remain unchanged. The company's shares continued to fall, accumulating a loss exceeding $9.5 billion in market value.

(With inputs from agencies.)