Adani Green Energy Slides 9% TotalEnergies Pauses Future Contributions To Adani Group Investments

Adani Group stocks faced a sharp decline by the close of trading today (November 25th) following the announcement from global energy giant TotalEnergies that it will halt new financial contributions to its investments in Adani Group companies. Adani Green Energy shares plunged 9%, Adani Total Gas Ltd fell by 2%, and Adani Enterprises dropped by 4%. TotalEnergies issued a statement asserting that it will withhold further investments until the accusations against Adani Group individuals and their implications are fully clarified. The company holds a 19.75% stake in Adani Green Energy Limited, acquired in January 2021, along with a 50% stake in three joint ventures operating renewable energy assets in India. Brijesh Singh, Senior Technical Analyst at StockAxis, suggests that Adani Green Energy will remain under pressure unless it trades above the ₹1,200 mark. He recommends caution, advising investors to stay away from Adani Group stocks for now and to consider exiting their positions if already invested. Stay tuned to Business Today TV for expert insights into the impact of this development on Adani stocks and the broader market.