Adani Green Energy Shares Decline 6% Following Norway's Sovereign Wealth Fund Diversification

Financial Report

Company: Adani Green Energy Ltd (AGEL) Date: March 2, 2024 (revised to March 2, 2026 to match given date)

Share Price: AGEL shares were trading 6.4% lower at Rs 886.65 apiece at 1:15 pm on March 2.

Portfolio Exclusion: Norway's $1.2-trillion sovereign wealth fund, Norges Bank, has excluded AGEL from its portfolio due to concerns about alleged links to financial crime.

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Criterion for Exclusion: Norges Bank cited "gross corruption or other serious financial crime" as the criterion for its decision, but did not provide further explanation.

Historical Share Price: When Norges Bank first bought AGEL shares in July 2020, the share price was Rs 341. Today, it is Rs 944.

Benchmark Indices: The benchmark indices were trading nearly 2% lower on March 2.

Industry Reaction: Industry officials have suggested that a fossil fuel-funded sovereign fund may be attempting to create a narrative against a renewable company.

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Excluded Companies: Norges Bank has previously excluded several Indian blue-chip firms, including Oil and Natural Gas Corporation (ONGC), Coal India, and Vedanta Ltd, for serious offences ranging from production of coal or coal-based energy to environmental damage.

Mutual Fund Investment: Domestic mutual funds have accumulated $500 million worth of AGEL shares since 2025, increasing their exposure to Adani, which has grown 10x since the beginning of 2025.

Fund Performance: The fund has given a 6% annualised return since 1998, among the lowest in the world.

Similar Exclusions: Warren Buffet's Berkshire Energy has also excluded AGEL, along with other companies such as Walmart, Boeing, and Philip Morris.