The price rose from Rs 30 to Rs 1000, now Adani's partners want to book profits in this stock, will sell 6% stake.

News Topical, Digital Desk : Adani Green Energy shares fell more than 2% on November 24th due to a specific reason. A report in the Economic Times claimed that the renowned French company Total Energies is planning to sell up to 6% of its stake in the Adani Group firm. People familiar with the matter said that Total Energies is preparing to book profits in 2021 after its $2.5 billion investment, which has increased its value to about $8 billion. On November 24 morning, Adani Green Energy shares opened at Rs 1036 and touched an intraday low of Rs 1006 to close at Rs 1009.

What other claims are there in the report?

According to this report, this proposed stake may now be sold to Adani Green for valuation . In September, Total Energies announced plans to cut annual capital expenditure by $1 billion and sell more energy assets, but this did not help allay market concerns about rising debt.

The French energy company currently holds about 19% stake in the Adani Group 's renewable energy arm through two subsidiaries - 15.58% through TotalEnergies Renewables Indian Ocean Ltd and 3.41% through TotalEnergies Solar Wind Indian Ocean Ltd.

Adani Green's current market capitalization is ₹1.69 lakh crore, and the sale of Total's 6% stake could fetch the company approximately ₹10,200 crore (approximately $1.14 billion). Adani Green Energy shares have delivered strong returns over the long term, rising from ₹30 to ₹1,000.

Founded in 2015, Adani Green is one of India's largest renewable energy companies. Its operational capacity exceeds 16.6 gigawatts and the company aims to reach 50 gigawatts by 2030.

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