Norges Bank Investment Management, one of the world's largest sovereign wealth funds, has completely exited its investments in Adani Group, according to foreign news agencies. The fund, which has $1.3 trillion in assets and accounts for roughly 40% of India's total market capitalisation, has sold $200 million in shares of the Ahmedabad-based energy-to-edible oil conglomerate since the beginning of this year, prior to the publication of Hindenburg Research's report on Adani Group.

The fund held less than 1% of Adani Group companies that were publicly traded (0.14% in Adani Green, 0.17% in Adani Total Gas, and 0.3% in Adani Ports). "We have further reduced our exposure in Adani companies since year-end, so the five weeks since year-end," Christopher Wright, the fund's head of environmental, social, and governance (ESG) risk monitoring, was quoted as saying in the reports. "For all intents and purposes, we have no exposure left today."

According to the reports, the fund, which is managed by a unit of Norway's central bank, has divested its investments in six Adani companies between 2014 and now, primarily for environmental reasons.

On March 7, 2022, the fund said it placed Adani Ports under observation "due to an unacceptable risk that it is contributing to serious violations of the rights of individuals in situations of war or conflict". The fund's decision was based on "Adani Ports' business association with Myanmar's armed forces," which staged a military coup in February 2021.

Adani Ports announced on May 22, 2022 that it had signed an agreement with an unnamed entity to sell its $150 million investment in Myanmar. "We have been monitoring Adani on ESG issues for many years," Wright said. Norway's sovereign wealth fund held shares in Adani Total worth $84 million, Adani Ports worth $64 million, and Adani Green worth $53 million.

After the Hindenburg Research report was released on January 24, Adani Group's market capitalisation fell by nearly $114 billion. The US short seller accused Adani Group of artificially inflating its companies' share prices by funnelling money into them through offshore tax havens in its report. Adani Group has denied all allegations of wrongdoing.