AGEL tumbles 6% as $1 trillion fund ditches stock
Adani Green Energy's stock slid over 6% on March 2 after Norway's massive sovereign wealth fund, managed by Norges Bank, decided to drop the company.
The move came over concerns about alleged financial crime links; at 1:15pm on March 2, AGEL shares were trading 6.4% lower at ₹886.65, while the report also noted a figure of ₹944.
Norges Bank's exit contrasts with Indian mutual funds' increasing stake
Norges Bank first invested in AGEL back in 2020 at ₹341 per share but has now pulled its $43.9 million stake as part of a broader push away from companies facing serious allegations.
Interestingly, while Norges is backing out, Indian mutual funds have been doubling down—upping their AGEL stake from just 0.3% to 3% since last year and investing $500 million.
This isn't the first time Norges Bank has exited an Indian firm for ethical reasons; Adani Ports was dropped earlier too, highlighting how global and local investors are taking very different approaches with companies like Adani Green.