Per Deccan Herald

Norway's sovereign wealth fund once owned a significant chunk of Adani businesses, but recently, it decided to sell shares worth $200 million at the end of 2022. The fund is worth a whopping $1.2 trillion.

The fund previously owned Adani Green Energy, Adani Total Gas, and the Adani Ports & Special Economic Zone. Here is Norway's sovereign wealth fund's total ownership in Adani.

Adani Green Energy - the fund owned a 0.14% stake.
Adani Total Gas - the fund owned a 0.17% stake.
Adani Ports & Special Economic Zone - the fund owned a 0.3% stake.

The fund's environmental, social and governance risk monitoring head, Christopher Wright, gave a statement regarding their decision to unload shares at Adani. The fund then announced that they do not have any more exposure in the company.

Wright: "Since year-end, so the five weeks since year-end, we have further reduced our exposure in Adani companies significantly... So today for all intents and purposes, we have no exposure left,"

The fund divested its involvement in the Adani conglomerate's six subsidiaries, highlighting "environmental reasons" as the main reason to divest from the company. It also mentioned the company's role in deforestation and greenhouse gas emissions levels.

In early February of this year, Gautam Adani said that he lost $48 billion personally as the stocks of his group tumbled. He firmly denied the accusations and said nothing was a lie, even calling Hindenburg an "unethical short seller."

The Jan 24 Hindeburg report brought breaking news of supposed stock manipulation and the improper use of offshore tax havens and other business practices. The report raised concerns regarding high debt and how valuations can be exaggerated.

In 2022, Norway's sovereign wealth fund reportedly lost $164 billion due to "very unusual" market conditions. The fund highlighted how the war in Europe and the rising interest rates impacted the market.

See flow at unusualwhales.com/flow.

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