Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
European ESG Funds Sell More Of Their Adani Group Shares, Shows Data
Shares bearing the Adani name now appear in about 480 so-called Article 8 funds - entities promising to promote environmental, social and governance goals under European Union rules
Topics
Europe | ESG | Adani Group
European ESG funds have sold off some of their Adani Group holdings, with the number listed as including the embattled Indian conglomerate down by 6% over the past two weeks.
Shares bearing the Adani name now appear in about 480 so-called Article 8 funds — entities promising to promote environmental, social and governance goals under European Union rules, according to data compiled by Bloomberg. That’s down from more than 500 in mid-February.
Some investors have decided against holding shares in Adani companies following a report from US shortseller Hindenburg Research in late January accusing the group of accounting fraud and stock manipulation — claims Adani denied.
Norway’s largest pension fund, KLP, dumped its entire holding of shares in Adani Green Energy Ltd. after the Hindenburg report was published.
Still, the selloff in the Adani Group has been somewhat tempered as a number of investors and the ESG ratings agencies behind indexes tracked by passive funds continue to monitor the results of any regulatory probes.
About 18% of the existing Article 8 exposures is via direct holdings, while the rest are indirect, for example through funds of funds.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Fri, March 03 2023. 23:03 IST
RECENT NEWS
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more
JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism
In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more
Big Banks Vs. Regional Banks: The Battle For Market Share
The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more
The Evolution Of Philanthropic Advisory Services In Private Banks
The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more