French energy giant TotalEnergies has announced a suspension of further investments in the Adani Group following allegations of a $265 million bribery scheme involving Adani Green Energy Limited (AGEL). The allegations center on Gautam Adani, the conglomerate's founder, and his colleagues, who are accused of orchestrating the scheme. 

TotalEnergies, which owns a 19.75% stake in AGEL, stated that it was unaware of any U.S. investigation prior to its investments and reaffirmed its commitment to fighting corruption. The company emphasized that the indictment does not directly implicate AGEL or its affiliates but has pledged to safeguard its interests as a minority shareholder and joint venture partner.

TotalEnergies' financial exposure to the Adani Group is estimated between $4 billion and $5 billion, including investments made since acquiring a stake in AGEL in January 2021. The company has invested in multiple renewable energy projects in India through its partnership with Adani. However, the recent allegations have prompted TotalEnergies to delay any further financial commitments until the legal issues are resolved. This move comes after the French corporation suspended involvement in Adani’s $50 billion green hydrogen program earlier this year, citing concerns over alleged accounting irregularities.

The suspension has triggered significant market repercussions, with shares of Adani Green Energy plunging over 11% before partially recovering. TotalEnergies' decision underscores the growing scrutiny on the Adani Group, which has faced multiple controversies in recent months. While reiterating its dedication to sustainable energy and anti-corruption practices, TotalEnergies has called for a resolution to the allegations against Adani executives to ensure the integrity of its investments in India’s renewable energy sector.