Adani Green Energy Ltd (AGEL) on Tuesday issued a clarification over France-based TotalEnergies' statement on its investments related to the Gautam Adani-led Indian conglomerate. "We wish to clarify that there is no new financial commitment under discussion with TotalEnergies," the company stated.
TotalEnergies, yesterday, said it won't make any new financial contribution as part of its investments into the Adani group of companies amid a US federal indictment against its chief and his nephew Sagar Adani.
"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 was not made aware of the existence of an investigation into the alleged corruption scheme," France's energy major also said.
Despite today's clarification, AGEL shares tanked 7.72 per cent to hit a 52-week low of Rs 893. In addition, Adani Energy Solutions (formerly known as Adani Transmission Ltd) slumped 5.07 per cent to hit a one-year low value of Rs 593.15.
Bourses BSE and NSE have put the securities of AGEL and Adani Energy Solutions under the short-term ASM (Additional Surveillance Measure) framework. Exchanges put stocks in short-term or long-term ASM frameworks to caution investors about high volatility in share prices.
In what could be seen as ripple effect, shares of Adani Total Gas Ltd slipped 2.91 per cent to hit a day low of Rs 583.25. Adani Total is a joint venture (JV) between TotalEnergies and Adani Group.
Adani, his nephew Sagar and six other company officials have been indicted in the US over bribery and fraud charges. US authorities said they agreed to pay bribes to Indian government officials to obtain contracts and develop India's largest solar power plant project.
Prosecutors said the Adanis and another executive at AGEL, former CEO Vneet Jaain, raised billions of US dollars in loans and bonds by hiding their corruption from lenders and investors. Adani, Sagar and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission civil case.
The Indian conglomerate, on its part, has denied the US court's allegations and called them "baseless".
The fresh charges follow much turmoil for the Adani Group in January last year when US-based short seller Hindenburg Research accused it of using offshore tax havens improperly - a charge that the Indian conglomerate has denied.