Adani Green Energy share price: Adani Green Energy shares fall 8% after Co. says no new financial commitment under discussion with TotalEnergies

Adani Green Energy shares dropped nearly 8% to a 52-week low of Rs 893 in Tuesday’s trading session on the BSE, after the company clarified that there were no new financial commitments under discussion with TotalEnergies.

This statement came a day after the France-based company on Monday had said that it will not make any new financial contribution as part of its investments into the Adani Group companies till further notice, on the back of the US charges imposed on Gautam Adani and his nephew Sagar Adani.

The Indian tycoon is under fire from the US Securities and Exchange Commission for allegedly defrauding American investors and bribing officials. In the indictment, the US agency has also named several states including Odisha, Andhra Pradesh, J&K, Tamil Nadu, and Chhattisgarh.

“We wish to clarify that there is no new financial commitment under discussion with TotalEnergies. Hence, the Press Release will not have any material impact on the Company’s operations or its growth plan. Accordingly, there is no material impact of the Media Report and the Press Release on the Company at this stage,” Adani Green said in a statement issued on the exchanges.

At 10:58 am, Adani Green’s shares were trading at Rs 912.75 apiece on the BSE, 5.7% down, after plunging 9% on the previous closing.

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What TotalEnergies said in its statement

TotalEnergies had said it won’t make any fresh financial contribution as part of its investments in companies of the Adani Group till it gets clarity on accusations against certain officials in the Indian conglomerate and their consequences.“Until such time when the accusations against the Adani Group individuals and their consequences have been clarified, TotalEnergies will not make any new financial contribution as part of its investments in the Adani Group of companies,” TotalEnergies said in a statement.

What are the allegations on Adani

During the alleged scheme, Adani Green raised more than USD 175 million from US investors and Azure Power’s stock was traded on the New York Stock Exchange, the SEC said in a statement.

In response to recent allegations from the US Department of Justice (DOJ) and the US Securities and Exchange Commission (SEC) against directors of Adani Green, the Adani Group has strongly denied the claims. A spokesperson for the company stated that the accusations are baseless and reaffirmed the group’s commitment to upholding the highest standards of governance and regulatory compliance.

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