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The Norwegian Sovereign reduces its exposure to Adani shares from $800 million to $200 million.

 Tangen: Exposure to the Indian group is below the benchmark for the fund's business

The fund reduced a large percentage of its holdings in the group during the last priod for a variety of reasons

The CEO of Norway's sovereign wealth fund said that the fund's exposure to Indian "Adani" companies in recent years is less than the benchmark after evaluating the risks on investments.

Nikolay Tangin told reporters on Tuesday that the Oslo-based fund owns about $200m of shares in the Indian group that fell after allegations of fraud emerged last week, compared to about $800m in the benchmark.

"Norwegian Sovereign" suffers the most severe loss since the global financial crisis

He added, “Over the past few years, we have reduced our exposure to the group, which has led to a significant decline in stocks with a lower weight.” Explaining that we have reduced a large percentage of that holding on the basis of risks for a variety of reasons.

These statements come after allegations from New York-based Hindenburg Research about the Indian group's stock manipulation and accounting fraud, which increased pressure on the Indian group and its 60-year-old founder, Gautam Adani.

Norway's $1.3 trillion fund, the world's largest single owner of equity, largely tracks a benchmark based on a framework approved by parliament, and seeks to make the most of its limited scope to try to outpace the benchmark that measures the fund's business, including Underweight stocks based on risk assessments.

4.4% losses of the Norwegian Wealth Fund amid rising inflation and interest rates

An update of the fund's portfolio today, Tuesday, showed that at the end of last year, the fund's possession amounted to about $84 million in Adani Total Gas Ltd, $53 million in Adani Green Energy Ltd, and $63 million in Adani Green Energy Ltd. $1 million in Adani Ports & Special Economic Zone Ltd., which was placed under observation by the Fund because of the unacceptable risk that the company contributes to gross violations of the rights of individuals in situations of war or conflict. .