Even as SEBI clears a set of regulatory violation claims, foreign investors reduce their exposure to five Adani companies.
According to ownership statistics submitted with the BSE, foreign institutional investors (FIIs) reduced their holdings in a number of Adani Group firms during the September 2025 quarter, selling shares totaling over Rs 7,000 crore across five of the conglomerate’s eight listed organizations.
The sales of Adani Energy Solutions were the sharpest, with FIIs selling shares valued at around Rs 2,927 crore. Their aggregate stake in the business dropped from 15.9 percent in the first quarter to 13.1 percent in the second.
The most recent shareholder declarations no longer include Abu Dhabi-based Envestcom Holding RSC, which once held 3.22 crore shares, or 2.68 percent, valued at almost Rs 2,800 crore. Whether the investor has completely left the company or whether its position has fallen below the one-percent reporting level is still unknown. By selling shares of Adani Energy Solutions for around Rs 460 crore, GQG Partners also decreased its exposure to the company, lowering its ownership from 2.3 percent to 1.86 percent in the preceding quarter.
The second-largest FII divestment was at Adani Power, when foreign investors sold shares valued at around Rs 2,580 crore. While other FIIs sold off shares totaling around Rs 1,900 crore, GQG Partners was responsible for roughly Rs 660 crore of the sell-off.
Although the documents did not name particular sellers, FIIs sold shares in Ambuja Cements for almost Rs 2,110 crore. Adani Total Gas and Adani Green Energy also had small FII outflows, totaling Rs 87 crore and Rs 227 crore, respectively.
However, several of the Adani Group’s businesses drew fresh attention from outside. While Adani Ports and Special Economic Zone (SEZ) and ACC Ltd got investments of Rs 272 crore and Rs 132 crore, respectively, Adani Enterprises attracted new FII inflows of Rs 505 crore.
During the quarter, there were very little changes in the positions of domestic mutual funds across the majority of Adani counters.
The Adani Group received a clean sheet from the Securities and Exchange Board of India (SEBI) last month, which declared that Adani Ports & SEZ and Adani Power Ltd had not broken any rules, contrary to what US-based short-seller Hindenburg Research had claimed. The US Department of Justice issued an indictment last year in an alleged Rs 2,083 crore ($250 million) bribery case against Gautam Adani, the second-richest person in Asia, which has resulted in a distinct regulatory burden.