Adani Green Energy shares drop over 1% as TotalEnergies looks to offload 6% stake

Shares of Adani Green Energy (AGEL) slipped over 1% in early trade on Monday amid reports that TotalEnergies is mulling the sale of up to a 6% stake in the Adani group company. The French energy major 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%).

At AGEL’s Friday closing price of ₹1,029.75, a 6% stake sale could fetch TotalEnergies roughly ₹10,200 crore (about $1.14 billion).

Reacting to the news, shares of Adani Green Energy declined as much as 1.25% to hit a low of ₹1,016.80 on the BSE. At the time of reporting, the Adani group stock was down 0.95% at ₹1,020, with a market cap of ₹1.65 lakh crore.

AGEL’s share price hit a 52-week high of ₹1,445 on December 2, 2024, and a 52-week low of ₹758 on March 3, 2025. Over the past year, the stock has delivered a modest 5% gain, but its performance has been largely flat in the last six months. In the past month alone, the stock has slipped by more than 1%.

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 told investors that while AGEL remained a strong and fast-growing business, the company does 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 said.

Last week, 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 Adani Green Energy.

For the quarter ended September 30, 2025, Adani Green Energy (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 Q2 FY26, largely unchanged from ₹3,005 crore in Q2 FY25. Power supply revenue, however, showed strong momentum — rising 20% to ₹2,776 crore, compared with ₹2,308 crore a year earlier.

Adani Green Energy Ltd (AGEL) is India’s largest renewable energy company and among the world’s leading players driving the clean energy transition. The company develops, owns, and operates utility-scale solar, wind, hybrid, and energy storage projects.

AGEL currently has an operational renewable energy portfolio of over 16.7 GW, the biggest in India, spread across 12 states. The company aims to scale this capacity to 50 GW by 2030, in line with India’s broader decarbonisation goals.

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