Shares of Adani Green Energy Ltd (AGEL) rose nearly 3% in early trade on Wednesday, in line with the broader market, amid heavy volumes triggered by a large block deal. About 2.8 crore shares, representing a 1.7% stake, changed hands at ₹970 apiece, a 2.95% discount to Tuesday’s closing level of ₹999.55 on the BSE. While the identities of the buyers and sellers were not immediately known, reports suggest French energy major TotalEnergies was exploring a stake sale.

Driven by strong volumes, AGEL shares climbed by as much as 2.8% to ₹1,027.70 on the BSE, taking its market capitalisation to ₹1.67 lakh crore. The green energy arm of the Adani Group saw its shares hit a 52-week high of ₹1,250 on December 13, 2024, and a 52-week low of ₹758 on March 3, 2025. Over the past year, the Adani Group stock has delivered a negative return of 14%, while it has lost nearly 5% in last six months. In the past month, AGEL shares slipped nearly 3%.

The French energy major was said to be looking to offload around 1.5% euity stake, or 2.47 crore shares which could fetch about ₹2,400 crore. TotalEnergies currently holds nearly 19% in AGEL through its two subsidiaries—TotalEnergies Renewables Indian Ocean (15.58%) and TotalEnergies Solar Wind Indian Ocean Ltd (3.41%).

TotalEnergies had acquired a 20% minority stake in Adani Green and a 50% interest in its over 2 GW operational solar portfolio in January 2021 for $2.5 billion. The deal had also secured the French major a seat on AGEL’s board.

In September this year, TotalEnergies CEO Patrick Pouyanné had told investors that while AGEL remained a strong and fast-growing business, the company did not intend to expand its green energy alliance with the Adani Group. “I would be very happy to sell my stake in Adani Green,” he had said.

The development came a day after Moody’s upgraded the outlook for several Adani Group restricted entities and reaffirmed their ratings, citing strong operational performance, fully amortising debt structures, and robust project frameworks.

The U.S.-based rating agency has affirmed the senior secured ratings on two U.S. dollar bonds issued by AGEL’s restricted groups—Adani Green Energy Restricted Group 1 (AGEL RG-1) and Adani Green Energy Limited Restricted Group 2 (AGEL RG-2). The agency has also revised the outlook on all ratings to ‘stable’ from ‘negative’.

“The outlook change to stable reflects our expectation that the two AGEL restricted groups could maintain credit profiles supportive of their respective Ba1 ratings over the next 12–18 months,” Moody’s said in its report.

The rating actions apply to AGEL RG-1, which comprises Adani Green Energy (UP) Ltd, Parampujya Solar Energy Pvt. Ltd, and Prayatna Developers Pvt. Ltd, and AGEL RG-2, which includes Wardha Solar (Maharashtra) Pvt. Ltd, Kodangal Solar Parks Pvt. Ltd, and Adani Renewable Energy (Rj) Ltd.

The agency said that an upgrade of AGEL RG-1 and AGEL RG-2 is unlikely in the absence of a sovereign rating upgrade, given the restricted groups’ exposure to government-owned utilities as key counterparties. Any future upgrade would also depend on the groups maintaining their current operating and financial performance, it added.

Last month, Rajiv Jain-backed GQG Partners raised its stake in Adani Green Energy by purchasing 77.39 lakh shares at ₹1,088.6 per share, amounting to ₹842.53 crore. At the end of the September 2025 quarter, the investment firm was holding 2.46%, or 4.04 crore shares, in AGEL.

For the quarter ended September 30, 2025, AGEL reported a net profit of ₹644 crore, a 25% year-on-year (YoY) increase from ₹515 crore in the same quarter last year. Revenue from operations came in at ₹3,008 crore in Q2FY26, largely unchanged from ₹3,005 crore in Q2FY25. Power supply revenue, however, showed strong momentum—rising 20% to ₹2,776 crore, compared with ₹2,308 crore a year earlier.

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