French oil company TotalEnergies has said it is not reconsidering its stakes in Adani Total Gas and Adani Green Energy despite recent controversies surrounding the Adani Group. Shares in Adani Group have plunged in the past week since a critical report was released by U.S. short merchant Hindenburg, which questioned the company’s debt levels and use of tax havens. Adani Group called the report “baseless” and insisted its financials are strong. TotalEnergies has a 37.4% stake in Adani Total Gas and a 19.75% stake in Adani Green Energy.
Adani Total Gas shares have fallen nearly 60% with a loss of almost $30bn since the report was released. Adani Green has lost more than half its value. Despite the stock plunge, TotalEnergies said its exposure to Adani Group was limited, and it had not re-evaluated its stakes in the listed entities, ATGL and AGEL. The company’s involvement with Adani started in 2018, and its exposure is limited to 2.4% of its capital employed. TotalEnergies said its investments in Adani’s companies were made in compliance with Indian regulations and the oil major’s internal management process.
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