Why These Two Adani Group Stocks Are Sliding Today

Shares of Adani Green Energy and Adani Energy Solutions were dipping on Friday after a United Arab Emirates-based investor said it would sell its stakes in the two firms.

What Happened: Abu Dhabi’s International Holding Company (IHC) has said it intends to divest its holdings in Adani Green and Adani Energy as part of IHC’s current strategy to rebalance its portfolio, Reuters reported.

Tte details concerning the buyer and the size of the investment remain unrevealed.

See Also: Harvesting A Legacy: 5 Of M.S. Swaminathan’s Greatest Contributions

Two IHC subsidiaries, namely Green Energy Investment Holding and Green Transmission Investment Holding, have entered a deal to sell their investments in the two Adani businesses. According to data from the Bombay Stock Exchange, Green Energy holds a 1.26% stake in Adani Green while Green Transmission has a 1.41% stake in Adani Energy Solutions.

Notably, in 2022, IHC had invested a significant $2 billion (₹16,622 crore) as primary capital across three Adani group companies. This included investments amounting to ₹3,850 crore rupees each in Adani Green and Adani Energy Solutions.

Earlier this month, Adani Green Energy's board had approved the creation of a new joint venture with France's TotalEnergies, which included an additional investment of $300 million (₹2,500 crore) by the French energy giant.

Price Action: Adani Green shares were down 0.53% at ₹1,007.10 on Friday while Adani Energy Solutions’ share price sank 1.34% to ₹998.90 at market open on Friday.

Read Next: How This MP-Born UPSC Aspirant Took The Idea Of A Chai Tapri To A ₹100 Crore Franchise

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesWIIMMarketsAdani Energy Solutionsadani green energyAdani Group