India's Adani Green falls after report of TotalEnergy 5% stake sale
Shares of Adani Green Energy ADNA.NS fall 1.2% to 1,018.60 rupees
French giant TotalEnergies TTEF.PA plans to sell up to a 5% stake in ADNA, the Economic Times reports, citing people familiar with the matter
TTEF looks to book gains after its $2.5 billion investment in 2021, which rose in value to about $8 billion, the report adds, citing an industry executive
The proposed stake may be offered to Adani Green for evaluation, as per ET
Both companies did not immediately respond to a Reuters' request for comment
In September, TTEF announced plansto cut annual capital spending by $1 billion and sell more power assets which failed to ease market concerns over after debt rise
Eight analysts have a "buy" rating on avg; median PT is 1,265 rupees - data compiled by LSEG
YTD, Adani Green stock down ~2%
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