Fresh bout of selling sees Adani m-cap go down by Rs 25,000 crore

Reports of a large ESG fund dumping stake lead to renewed turbulence

The majority of Adani Group stocks declined on Monday amid news reports that a large environment, social and governance (ESG) fund has dumped its stake in one of the group companies.

A news report suggested that KLP, a Norwegian pension fund, has sold its entire stake in Adani Green Energy (AGEL), following concerns that the company’s shares might have been pledged to fund the Carmichael coal project in Australia.

More than 500 funds registered in the European Union as ‘promoting’ ESG goals hold Adani stocks, either directly or indirectly, according to data compiled by Bloomberg.

Six of 10 Adani stocks ended the session