Norway's $1 trillion fund ditches Adani Green over corruption allegations
Norway's massive sovereign wealth fund, the Government Pension Fund Global, managed by Norges Bank Investment Management, has kicked Adani Green Energy Ltd (AGEL) out of its portfolio, citing "gross corruption or other serious financial crime."
This move comes less than two years after the fund also dropped Adani Ports for human rights concerns in conflict zones.
Norges Bank sold a smallholding worth about ₹400 crore; domestic mutual funds increased their stake to 3% since the beginning of 2025.
Norges Bank first bought AGEL shares in 2020 at ₹341 each; they later soared to ₹944.
Norges Bank sold a smallholding worth about ₹400 crore, while domestic mutual funds increased their stake to 3% since the beginning of 2025.
Norges Bank has also excluded other big Indian companies like ONGC, Coal India, ITC, and Vedanta—mainly over issues like coal production and environmental damage.
Some industry voices are pushing back, saying it's unfair for a fossil fuel-funded fund to target renewables like AGEL while letting bigger polluters slide.